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PPP Loan Data — Gaston Electrical Co., Inc., Norwood, MA

SBA PPP loan data, payroll data, and salaries for Gaston Electrical Co., Inc.
MA

Gaston Electrical Co., Inc.

Entity: Subchapter S Corporation

Industry: Electrical Contractors and Other Wiring Installation Contractors

Location: Norwood, MA

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Gaston Electrical Co., Inc. is a subchapter s corporation located at 85 Morse St in Norwood, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $6,607,383.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$6.61M
Likely Employment Reduction3

Jobs Retained:

104

Loan Approved:

2020-04-09

Lender:

MOUNTAINONE BANK

Gaston Electrical Co., Inc. received a Paycheck Protection Loan of $6.61M through MOUNTAINONE BANK, which was approved in April, 2020.

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 104 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.

2019 Payroll Estimations based On PPP Amount:

Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 317.

Based on standard PPP eligibility rules, Gaston Electrical Co., Inc.'s total 2019 payroll expenses were approximately $31.72M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.

Because the 104 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Because the loan received by Gaston Electrical Co., 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 - Gaston Electrical Co., Inc. in Norwood, MA

Gaston Electrical Co., Inc.
85 Morse St
Norwood, MA 2062

Business Industry

Electrical Contractors and Other Wiring Installation Contractors (NAICS code 238210)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: NON-VETERAN

Congressional District: MA-08

Similar Companies near Norwood

In the Norwood area, 25 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 14 employees (compared to this company's 104) and received an average PPP loan of $515,118 (compared to this company's $6.61M).

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, 88% lower than Gaston Electrical Co., Inc.'s reported 104 employees, and received an average PPP loan of $181,171, 97% lower than this company's loan of $6.61M.

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.

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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.

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/gaston-electrical-co-inc-norwood-ma