PPP Loan Data — Electromechanical Control Systems, Lynchburg, VA
Electromechanical Control Systems is a corporation located at 22665 Timberlake Rd. in Lynchburg, Virginia that received a Coronavirus-related PPP loan from the SBA of $46,366.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Wells Fargo Bank, National Association
Electromechanical Control Systems in Lynchburg, VA received a Paycheck Protection Loan of $46,366 through Wells Fargo Bank, National Association, which was approved in May, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in May, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Electromechanical Control Systems' 2019 payroll expenses are estimated to be at least $222,557.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $55,639 per employee1
Reported PPP Proceed Usage:
On the PPP application, Electromechanical Control Systems reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,366
Business Information - Electromechanical Control Systems in Lynchburg, VA
22665 Timberlake Rd.
Lynchburg, VA 24502
Computer Storage Device Manufacturing
NAICS code 334112
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 283 businesses in the "Computer Storage Device Manufacturing" industry received a total of $78.84M in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 17 employees, 325% higher than Electromechanical Control Systems' reported 4 employees, and received an average PPP loan of $278,591, 501% higher than this company's loan of $46,366.
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Footnotes & Information
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