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PPP Loan Data — Gallant Electric, Inc,
North Billerica, MA
Gallant Electric, Inc
Entity: Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: North Billerica, MA
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Gallant Electric, Inc is a corporation located at 82 Rangeway Rd in North Billerica, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $40,000.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least three people during the applicable loan loan period.
$
PPP Loan Information
Loan #3123427300
Loan Size:
Jobs Retained:
3Loan Approved:
2020-04-29Loan Status:
Ongoing LoanLender:
Hanscom FCUGallant Electric, Inc in North Billerica, MA received a Paycheck Protection Loan of $40,000 through Hanscom FCU, which was approved in April, 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 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, Gallant Electric, Inc's 2019 payroll expenses are estimated to be at least $192,000.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $64,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Gallant Electric, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $40,000
Business Information - Gallant Electric, Inc in North Billerica, MA
82 Rangeway Rd
North Billerica, MA 1862
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age:
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near North Billerica
In the North Billerica area, 9 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 80 employees (compared to this company's 3) and received an average PPP loan of $1,493,312 (compared to this company's $40,000).
Similar Nearby Businesses Who Received PPP Funding:
J & L Cable Services Inc
North Chelmsford, MA
Hughson Electric Inc
North Billerica, MA
Brunelle Bros. Electric, Inc
North Chelmsford, MA
Leahy Electric
Chelmsford, MA
Interstate Electrical Services Corp
North Billerica, MA
Ryan Strazzere Electrical, LLC
North Billerica, MA
Stalker Electric, Inc
Chelmsford, MA
J&L Cable TV. Services Inc
North Chelmsford, MA
Industry PPP Comparison Statistics
Nationwide, 71,092 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.33B 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 13 employees, 333% higher than Gallant Electric, Inc's reported 3 employees, and received an average PPP loan of $159,369, 298% higher than this company's loan of $40,000.
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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