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PPP Loan Data — Hatteras Electrical Manufacturing, New York, NY

SBA PPP loan data, payroll data, and salaries for Hatteras Electrical Manufacturing
NY

Hatteras Electrical Manufacturing

Entity: Corporation

Industry: Open-End Investment Funds

Location: New York, NY

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Hatteras Electrical Manufacturing is a corporation located at 28 West 44th Street in New York, New York that received a Coronavirus-related PPP loan from the SBA of $5,665,000.00 in May, 2020.

$ PPP Loan Information

Loan Size:

$5.67M

Jobs Retained:

460

Loan Approved:

2020-05-01

Lender:

PNC BANK, NATIONAL ASSOCIATION

Hatteras Electrical Manufacturing received a Paycheck Protection Loan of $5.67M through PNC BANK, NATIONAL ASSOCIATION, which was approved in May, 2020.

Based on standard PPP eligibility rules, Hatteras Electrical Manufacturing's total 2019 payroll expenses were approximately $27.19M in order to qualify for the PPP loan amount received.

Based on their reported 460 jobs retained, this equals an estimated average yearly compensation of $59,113 per employee1.

Because the loan received by Hatteras Electrical Manufacturing 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 - Hatteras Electrical Manufacturing in New York, NY

Hatteras Electrical Manufacturing
28 West 44th Street
New York, NY 10036

Business Industry

Open-End Investment Funds (NAICS code 525910)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NY-10

Industry PPP Comparison Statistics

Nationwide, 450 businesses in the "Open-End Investment Funds" industry received a total of $44,608,435.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 8 employees, 98% lower than Hatteras Electrical Manufacturing's reported 460 employees, and received an average PPP loan of $99,130, 98% lower than this company's loan of $5.67M.

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.

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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.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/hatteras-electrical-manufacturing-new-york-ny