PPP Loan Data — Florence Electric, LLC, Canton, MA
Florence Electric, LLC
Entity: Limited Liability Company (LLC)
Location: Canton, MATweet This • Search All PPP Data
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
Lender:PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION
Florence Electric, LLC received a Paycheck Protection Loan of $3.08M through PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, Florence Electric, LLC's total 2019 payroll expenses were approximately $14.78M in order to qualify for the PPP loan amount received.
Based on their reported 159 jobs retained, this equals an estimated average yearly compensation of $92,936 per employee1.
Business Information - Florence Electric, LLC in Canton, MA
290 Pine St
Canton, MA 2021
Electrical Contractors and Other Wiring Installation Contractors (NAICS code 238210)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MA-08
Similar Companies near Canton
In the Canton area, 14 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 39 employees (compared to this company's 159) and received an average PPP loan of $861,671 (compared to this company's $3.08M).
Similar Nearby Businesses Who Received PPP Funding:
Kaydon Integrated Technologies, LLC
Applied Communications, Inc
John J Farrell Electric Inc
Highgate Electric, Inc.
K H Electrical Systems Inc
Industry PPP Comparison Statistics
Nationwide, 44,489 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $8,060,101,877.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 12 employees, 92% lower than Florence Electric, LLC's reported 159 employees, and received an average PPP loan of $181,171, 94% 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.
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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