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

PPP Loan Data — Farmers Electric LLC, Hennessey, OK

ALERT: There are 2 PPP loans for a total of $105,889 in our database for businesses with the name "Farmers Electric LLC" in Hennessey, OK. 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 Farmers Electric LLC
OK

Farmers Electric LLC

Entity: Limited Liability Company (LLC)

Industry: Electrical Contractors and Other Wiring Installation Contractors

Location: Hennessey, OK

Search All PPP Data

Farmers Electric LLC is a limited liability company (LLC) located at 140 Us Highway 81 in Hennessey, Oklahoma that received a Coronavirus-related PPP loan from the SBA of $58,902.00 in January, 2021.

The company has reported itself as a male owned business, and employed at least six people during the applicable loan loan period.

$ PPP Loan Information
Loan #4776248303

Loan Size:

$58,902

Jobs Retained:

6

Loan Approved:

2021-01-23

Loan Status:

Ongoing Loan

Lender:

Stride Bank, National Association

Farmers Electric LLC in Hennessey, OK received a Paycheck Protection Loan of $58,902 through Stride Bank, National Association, which was approved in January, 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, Farmers Electric LLC's 2019 payroll expenses are estimated to be at least $282,730.

Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $47,122 per employee1

Reported PPP Proceed Usage:

On the PPP application, Farmers Electric LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $58,899
  • Utilities: $1

Business Information - Farmers Electric LLC in Hennessey, OK

Farmers Electric LLC
140 Us Highway 81
Hennessey, OK 73742

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Kingfisher County, OK — SBA Office 0680 — Congressional District: OK-03

Industry PPP Comparison Statistics

Nationwide, 82,626 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.77B 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, 83% higher than Farmers Electric LLC's reported 6 employees, and received an average PPP loan of $142,494, 142% higher than this company's loan of $58,902.

SBA PPP loan data, payroll data, and salaries for Farmers Electric LLC
OK

Farmers Electric LLC

Entity: Limited Liability Company (LLC)

Industry: Other Electric Power Generation

Location: Hennessey, OK

Search All PPP Data

Farmers Electric LLC is a limited liability company (LLC) located at 140 Us Highway 81 in Hennessey, Oklahoma that received a Coronavirus-related PPP loan from the SBA of $46,987.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least six people during the applicable loan loan period.

$ PPP Loan Information
Loan #7456007005

Loan Size:

$46,987

Jobs Retained:

6

Loan Approved:

2020-04-07

Loan Status:

Paid in Full or Forgiven

Lender:

Stride Bank, National Association

Farmers Electric LLC in Hennessey, OK received a Paycheck Protection Loan of $46,987 through Stride Bank, National Association, 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 December, 2020.

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, Farmers Electric LLC's 2019 payroll expenses are estimated to be at least $225,538.

Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $37,590 per employee1

Reported PPP Proceed Usage:

On the PPP application, Farmers Electric LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $46,987

Business Information - Farmers Electric LLC in Hennessey, OK

Farmers Electric LLC
140 Us Highway 81
Hennessey, OK 73742

Business Industry:
Other Electric Power Generation
NAICS code 221118

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Kingfisher County, OK — SBA Office 0680 — Congressional District: OK-03

Industry PPP Comparison Statistics

Nationwide, 2,726 businesses in the "Other Electric Power Generation" industry received a total of $255.77M 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 8 employees, 33% higher than Farmers Electric LLC's reported 6 employees, and received an average PPP loan of $93,827, 100% higher than this company's loan of $46,987.

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.


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Source: www.federalpay.org/paycheck-protection-program/farmers-electric-llc-hennessey-ok