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PPP Loan Data — Hannon Electric Incorporated,
South Easton, MA
Hannon Electric Incorporated
Entity: Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: South Easton, MA
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Hannon Electric Incorporated is a corporation located at 117 Eastman St in South Easton, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $467,346.00 in March, 2021.
The company has reported itself as a White male owned business, and employed at least 37 people during the applicable loan loan period.
$
PPP Loan Information
Loan #3833038607
Loan Size:
Jobs Retained:
37Loan Approved:
2021-03-17Loan Status:
Ongoing LoanLender:
Bluestone BankHannon Electric Incorporated in South Easton, MA received a Paycheck Protection Loan of $467,346 through Bluestone Bank, which was approved in March, 2021.
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, Hannon Electric Incorporated's 2019 payroll expenses are estimated to be at least $2.24M.
Based on their reported 37 jobs retained, this equals an estimated average yearly compensation of $60,629 per employee1
Reported PPP Proceed Usage:
On the PPP application, Hannon Electric Incorporated reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $467,346
Business Information - Hannon Electric Incorporated in South Easton, MA
117 Eastman St
South Easton, MA 2375
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: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near South Easton
In the South Easton area, 14 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 25 employees (compared to this company's 37) and received an average PPP loan of $374,249 (compared to this company's $467,346).
Similar Nearby Businesses Who Received PPP Funding:
Locus Services LLC
South Easton, MA
Marios Railing
South Easton, MA
Crouch Electrical Contracting, LLC
South Easton, MA
David Anderson Electric Co., Inc
South Easton, MA
Reilly Electrical Contractors Inc
Easton, MA
Daniel Henderson Electric LLC
Easton, MA
Stuart Paul Electrician
South Easton, MA
Jacqueline Electric And Contracting Inc
South Easton, MA
Industry PPP Comparison Statistics
Nationwide, 131,101 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $13.59B 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 9 employees, 76% lower than Hannon Electric Incorporated's reported 37 employees, and received an average PPP loan of $103,655, 78% lower than this company's loan of $467,346.
Hannon Electric Incorporated
Entity: Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: South Easton, MA
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•
Search All PPP Data
Hannon Electric Incorporated is a corporation located at 117 Eastman St in South Easton, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $498,500.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 42 people during the applicable loan loan period.
$
PPP Loan Information
Loan #5102667008
Loan Size:
Jobs Retained:
42Loan Approved:
2020-04-05Loan Status:
Paid in Full or ForgivenLender:
Bluestone BankHannon Electric Incorporated in South Easton, MA received a Paycheck Protection Loan of $498,500 through Bluestone Bank, 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 February, 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 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, Hannon Electric Incorporated's 2019 payroll expenses are estimated to be at least $2.39M.
Based on their reported 42 jobs retained, this equals an estimated average yearly compensation of $56,971 per employee1
Reported PPP Proceed Usage:
On the PPP application, Hannon Electric Incorporated reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $373,875
- Utilities: $62,312
- Mortgage Interest: $62,313
Business Information - Hannon Electric Incorporated in South Easton, MA
117 Eastman St
South Easton, MA 2375
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: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near South Easton
In the South Easton area, 14 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 25 employees (compared to this company's 42) and received an average PPP loan of $374,249 (compared to this company's $498,500).
Similar Nearby Businesses Who Received PPP Funding:
Locus Services LLC
South Easton, MA
Marios Railing
South Easton, MA
Crouch Electrical Contracting, LLC
South Easton, MA
David Anderson Electric Co., Inc
South Easton, MA
Reilly Electrical Contractors Inc
Easton, MA
Daniel Henderson Electric LLC
Easton, MA
Stuart Paul Electrician
South Easton, MA
Jacqueline Electric And Contracting Inc
South Easton, MA
Industry PPP Comparison Statistics
Nationwide, 131,101 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $13.59B 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 9 employees, 79% lower than Hannon Electric Incorporated's reported 42 employees, and received an average PPP loan of $103,655, 79% lower than this company's loan of $498,500.
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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