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PPP Loan Data — Florence Electric, LLC,
Canton, MA
Florence Electric, LLC
Entity: Limited Liability Company (LLC)
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: Canton, MA
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Florence Electric, LLC is a limited liability company (LLC) located at 290 Pine St in Canton, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $3,078,512.00 in April, 2020.
$
PPP Loan Information
Loan #6727267000
Loan Size:
Jobs Retained:
159Loan Approved:
2020-04-07Loan Status:
Paid in Full or ForgivenLender:
Manufacturers and Traders Trust CompanyFlorence Electric, LLC in Canton, MA received a Paycheck Protection Loan of $3.08M through Manufacturers and Traders Trust Company, 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 July, 2021.
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 MoreUnderstanding 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 MoreBased 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, Florence Electric, LLC's 2019 payroll expenses are estimated to be at least $14.78M.
Based on their reported 159 jobs retained, this equals an estimated average yearly compensation of $92,936 per employee1
Reported PPP Proceed Usage:
On the PPP application, Florence Electric, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,078,512
Business Information - Florence Electric, LLC in Canton, MA
290 Pine St
Canton, MA 2021
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
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: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 2 other businesses that received a PPP loan registered to the same address as Florence Electric, LLC.
Kaydon Integrated Technologies, LLC
Electrical Contractors and Other Wiring Installation Contractors
Sunrise Erectors Inc
Other Building Finishing Contractors
Similar Companies near Canton
In the Canton area, 19 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 36 employees (compared to this company's 159) and received an average PPP loan of $663,284 (compared to this company's $3.08M).
Similar Nearby Businesses Who Received PPP Funding:
AJ Electrical Services Inc
Canton, MA
K H Electrical Systems Inc
Canton, MA
Chris Loughran Electric Inc
Canton, MA
John J Farrell Electric Inc
Canton, MA
Applied Communications, Inc
Canton, MA
Startec Communications Inc
Canton, MA
Highgate Electric, Inc
Canton, MA
O'connor Corporation
Canton, MA
Industry PPP Comparison Statistics
Nationwide, 81,485 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, 93% lower than Florence Electric, LLC's reported 159 employees, and received an average PPP loan of $144,190, 95% lower than this company's loan of $3.08M.
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.
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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