PPP Loan Data — Great Salt Lake Electric, Inc, Sandy, UT
Great Salt Lake Electric, Inc
Location: Sandy, UTTweet This • Search All PPP Data
Great Salt Lake Electric, Inc is a corporation located at 8540 Sandy Pkwy in Sandy, Utah that received a Coronavirus-related PPP loan from the SBA of $4,588,800.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 302 people during the applicable loan loan period.
$ PPP Loan Information
Lender:CACHE VALLEY BANK
Great Salt Lake Electric, Inc in Sandy, UT received a Paycheck Protection Loan of $4.59M through CACHE VALLEY BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Great Salt Lake Electric, Inc's total 2019 payroll expenses were approximately $22.03M in order to qualify for the PPP loan amount received.
Based on their reported 302 jobs retained, this equals an estimated average yearly compensation of $72,935 per employee1.
Business Information - Great Salt Lake Electric, Inc in Sandy, UT
8540 Sandy Pkwy
Sandy, UT 84070
Electrical Contractors and Other Wiring Installation Contractors (NAICS code 238210)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: NON-VETERANCongressional District: UT-04
Similar Companies near Sandy
In the Sandy area, 10 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 40 employees (compared to this company's 302) and received an average PPP loan of $569,190 (compared to this company's $4.59M).
Similar Nearby Businesses Who Received PPP Funding:
Lasting Comforts, Inc.
Atop All Electric LLC
Brimhall Electric Inc,
AD-Lite Electric Inc.
Procom Security, Inc.
Intelligent Enclosures Inc
Copper Valley Electric LLC
Electro Systems, Corp.
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, 96% lower than Great Salt Lake Electric, Inc's reported 302 employees, and received an average PPP loan of $181,171, 96% lower than this company's loan of $4.59M.
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, 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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