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PPP Loan Data — Escoe Industrial Contractors Inc, Athens, GA

ALERT: There are 2 PPP loans for a total of $4.5M in our database for businesses with the name "Escoe Industrial Contractors Inc" in Athens, GA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Escoe Industrial Contractors Inc
GA

Escoe Industrial Contractors Inc

Entity: Corporation

Industry: Electrical Contractors and Other Wiring Installation Contractors

Location: Athens, GA

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Escoe Industrial Contractors Inc is a corporation located at 650 Olympic Dr in Athens, Georgia that received a Coronavirus-related PPP loan from the SBA of $1,900,000.00 in February, 2021.

$ PPP Loan Information
Loan #6560078409

Loan Size:

$1.9M

Jobs Retained:

113

Loan Approved:

2021-02-10

Loan Status:

Ongoing Loan

Lender:

Synovus Bank

Escoe Industrial Contractors Inc in Athens, GA received a Paycheck Protection Loan of $1.9M through Synovus Bank, which was approved in February, 2021.

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, Escoe Industrial Contractors Inc's 2019 payroll expenses are estimated to be at least $9.12M.

Based on their reported 113 jobs retained, this equals an estimated average yearly compensation of $80,708 per employee1

Reported PPP Proceed Usage:

On the PPP application, Escoe Industrial Contractors Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,900,000

Business Information - Escoe Industrial Contractors Inc in Athens, GA

Escoe Industrial Contractors Inc
650 Olympic Dr
Athens, GA 30601

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Clarke County, GA — SBA Office 0405 — Congressional District: GA-09

Similar Companies near Athens

In the Athens area, 5 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 54 employees (compared to this company's 113) and received an average PPP loan of $1,086,591 (compared to this company's $1.9M).

Industry PPP Comparison Statistics

Nationwide, 81,495 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.75B 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 11 employees, 90% lower than Escoe Industrial Contractors Inc's reported 113 employees, and received an average PPP loan of $144,173, 92% lower than this company's loan of $1.9M.

SBA PPP loan data, payroll data, and salaries for Escoe Industrial Contractors, Inc
GA

Escoe Industrial Contractors, Inc

Entity: Corporation

Industry: Electrical Contractors and Other Wiring Installation Contractors

Location: Athens, GA

Search All PPP Data

Escoe Industrial Contractors, Inc is a corporation located at 900 Old Hull Rd in Athens, Georgia that received a Coronavirus-related PPP loan from the SBA of $2,601,123.00 in April, 2020.

$ PPP Loan Information
Loan #8681167106

Loan Size:

$2.6M

Jobs Retained:

80

Loan Approved:

2020-04-15

Loan Status:

Paid in Full or Forgiven

Lender:

Synovus Bank
Likely Employment Reduction3

Escoe Industrial Contractors, Inc in Athens, GA received a Paycheck Protection Loan of $2.6M through Synovus Bank, which was approved in April, 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 August, 2021.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 80 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 125. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

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, Escoe Industrial Contractors, Inc's 2019 payroll expenses are estimated to be at least $12.49M (not accounting for salary amounts > $100k).

Because the 80 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Escoe Industrial Contractors, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,601,123
Because the loan received by Escoe Industrial Contractors, 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 - Escoe Industrial Contractors, Inc in Athens, GA

Escoe Industrial Contractors, Inc
900 Old Hull Rd
Athens, GA 30601

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Clarke County, GA — SBA Office 0405 — Congressional District: GA-09

Businesses Using Same Address:

There are 2 other businesses that received a PPP loan registered to the same address as Escoe Industrial Contractors, Inc.

Chittom Industries Inc
Other Miscellaneous Nondurable Goods Merchant Wholesalers

$102,888 PPP Loan

Athens Janitor Supply Company, Inc
Service Establishment Equipment and Supplies Merchant Wholesalers

$351,022 PPP Loan

Similar Companies near Athens

In the Athens area, 5 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 54 employees (compared to this company's 80) and received an average PPP loan of $1,086,591 (compared to this company's $2.6M).

Industry PPP Comparison Statistics

Nationwide, 81,495 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.75B 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 11 employees, 86% lower than Escoe Industrial Contractors, Inc's reported 80 employees, and received an average PPP loan of $144,173, 94% lower than this company's loan of $2.6M.

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.

3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/escoe-industrial-contractors-inc-athens-ga