PPP Loan Data — Geronimo Electrical Contractors Inc, Newark, NJ
Geronimo Electrical Contractors Inc
Location: Newark, NJTweet This • Search All PPP Data
Geronimo Electrical Contractors Inc is a corporation located at 209 - 211 Broad Street in Newark, New Jersey that received a Coronavirus-related PPP loan from the SBA of $46,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:New York Business Development Corporation
Geronimo Electrical Contractors Inc in Newark, NJ received a Paycheck Protection Loan of $46,000 through New York Business Development Corporation, 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 June, 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 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, Geronimo Electrical Contractors Inc's 2019 payroll expenses are estimated to be at least $220,800.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,160 per employee1
Reported PPP Proceed Usage:
On the PPP application, Geronimo Electrical Contractors Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,000
Business Information - Geronimo Electrical Contractors Inc in Newark, NJ
209 - 211 Broad Street
Newark, NJ 7104
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Newark
In the Newark area, 7 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 5) and received an average PPP loan of $270,964 (compared to this company's $46,000).
Similar Nearby Businesses Who Received PPP Funding:
D S & E Electrical Service LLC
Daidone Electric, Inc
MDC Electrical Contractor LLC
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, 120% higher than Geronimo Electrical Contractors Inc's reported 5 employees, and received an average PPP loan of $142,494, 210% higher than this company's loan of $46,000.
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