PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Elk Lighting, Inc, Nesquehoning, PA

SBA PPP loan data, payroll data, and salaries for Elk Lighting, Inc
PA

Elk Lighting, Inc is a corporation located at 12 Willow Ln in Nesquehoning, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $2,018,272.00 in May, 2020.

$ PPP Loan Information
Loan #6971027708

Loan Size:

$2.02M

Jobs Retained:

255

Loan Approved:

2020-05-03

Loan Status:

Ongoing Loan

Lender:

Bank of America, National Association

Elk Lighting, Inc in Nesquehoning, PA received a Paycheck Protection Loan of $2.02M through Bank of America, National Association, which was approved in May, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Elk Lighting, Inc's 2019 payroll expenses are estimated to be at least $9.69M.

Based on their reported 255 jobs retained, this equals an estimated average yearly compensation of $37,991 per employee1

Reported PPP Proceed Usage:

On the PPP application, Elk Lighting, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,018,272
Because the loan received by Elk Lighting, 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 - Elk Lighting, Inc in Nesquehoning, PA

Elk Lighting, Inc
12 Willow Ln
Nesquehoning, PA 18240

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: New Business or 2 years or less

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Carbon County, PA — SBA Office 0303 — Congressional District: PA-09

Industry PPP Comparison Statistics

Nationwide, 7,686 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a total of $1.31B 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 14 employees, 95% lower than Elk Lighting, Inc's reported 255 employees, and received an average PPP loan of $170,366, 92% lower than this company's loan of $2.02M.

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. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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.


Have FederalPay.org's open data tools been valuable? Consider donating!

** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/elk-lighting-inc-nesquehoning-pa