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PPP Loan Data — Electronic Technology Inc, Irvington, NJ

SBA PPP loan data, payroll data, and salaries for Electronic Technology Inc
NJ

Electronic Technology Inc

Entity: Subchapter S Corporation

Industry: Relay and Industrial Control Manufacturing

Location: Irvington, NJ

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Electronic Technology Inc is a subchapter s corporation located at 511 Lyons Ave in Irvington, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,657,000.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.66M

Jobs Retained:

146

Loan Approved:

2020-04-14

Lender:

PNC BANK, NATIONAL ASSOCIATION

Electronic Technology Inc received a Paycheck Protection Loan of $2.66M through PNC BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Electronic Technology Inc's total 2019 payroll expenses were approximately $12.75M in order to qualify for the PPP loan amount received.

Based on their reported 146 jobs retained, this equals an estimated average yearly compensation of $87,353 per employee1.

Because the loan received by Electronic Technology Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Electronic Technology Inc in Irvington, NJ

Electronic Technology Inc
511 Lyons Ave
Irvington, NJ 7111

Business Industry

Relay and Industrial Control Manufacturing (NAICS code 335314)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NJ-10

Industry PPP Comparison Statistics

Nationwide, 391 businesses in the "Relay and Industrial Control Manufacturing" industry received a total of $127,685,245.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 22 employees, 85% lower than Electronic Technology Inc's reported 146 employees, and received an average PPP loan of $326,561, 88% lower than this company's loan of $2.66M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA.

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Footnotes & Information

1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/electronic-technology-inc-irvington-nj