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PPP Loan Data — H.h. Benfield Electric Supply Co. Inc, Mount Vernon, NY

ALERT: There are 2 PPP loans for a total of $3.33M in our database for businesses with the name "H.h. Benfield Electric Supply Co. Inc" in Mount Vernon, NY. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for H.h. Benfield Electric Supply Co. Inc
NY

H.h. Benfield Electric Supply Co. Inc

Entity: Corporation

Industry: Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers

Location: Mount Vernon, NY

Search All PPP Data

H.h. Benfield Electric Supply Co. Inc is a corporation located at 240 Washington St in Mount Vernon, New York that received a Coronavirus-related PPP loan from the SBA of $1,639,242.00 in February, 2021.

The company has reported itself as a male veteran owned business, and employed at least 103 people during the applicable loan loan period.

$ PPP Loan Information
Loan #1914748404

Loan Size:

$1.64M

Jobs Retained:

103

Loan Approved:

2021-02-02

Loan Status:

Ongoing Loan

Lender:

Manufacturers and Traders Trust Company

H.h. Benfield Electric Supply Co. Inc in Mount Vernon, NY received a Paycheck Protection Loan of $1.64M through Manufacturers and Traders Trust Company, which was approved in February, 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 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, H.h. Benfield Electric Supply Co. Inc's 2019 payroll expenses are estimated to be at least $7.87M.

Based on their reported 103 jobs retained, this equals an estimated average yearly compensation of $76,392 per employee1

Reported PPP Proceed Usage:

On the PPP application, H.h. Benfield Electric Supply Co. Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,639,237
  • Utilities: $1

Business Information - H.h. Benfield Electric Supply Co. Inc in Mount Vernon, NY

H.h. Benfield Electric Supply Co. Inc
240 Washington St
Mount Vernon, NY 10553

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Westchester County, NY — SBA Office 0202 — Congressional District: NY-16

Similar Companies near Mount Vernon

In the Mount Vernon area, 10 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 45 employees (compared to this company's 103) and received an average PPP loan of $596,867 (compared to this company's $1.64M).

Industry PPP Comparison Statistics

Nationwide, 7,686 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a total of $1.31B 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 14 employees, 86% lower than H.h. Benfield Electric Supply Co. Inc's reported 103 employees, and received an average PPP loan of $170,366, 90% lower than this company's loan of $1.64M.

SBA PPP loan data, payroll data, and salaries for H.h. Benfield Electric Supply Co Inc
NY

H.h. Benfield Electric Supply Co Inc

Entity: Corporation

Industry: Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers

Location: Mount Vernon, NY

Search All PPP Data

H.h. Benfield Electric Supply Co Inc is a corporation located at 240 Washington Street in Mount Vernon, New York that received a Coronavirus-related PPP loan from the SBA of $1,689,675.00 in April, 2020.

$ PPP Loan Information
Loan #8746797109

Loan Size:

$1.69M

Jobs Retained:

62

Loan Approved:

2020-04-15

Loan Status:

Ongoing Loan

Lender:

Manufacturers and Traders Trust Company
Likely Employment Reduction3

H.h. Benfield Electric Supply Co Inc in Mount Vernon, NY received a Paycheck Protection Loan of $1.69M through Manufacturers and Traders Trust Company, which was approved in April, 2020.

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.

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 62 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.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 81. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

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, H.h. Benfield Electric Supply Co Inc's 2019 payroll expenses are estimated to be at least $8.11M (not accounting for salary amounts > $100k).

Because the 62 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, H.h. Benfield Electric Supply Co Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $999,675
  • Utilities: $40,000
  • Rent: $220,000
  • Health Care: $360,000
  • Debt Interest: $70,000

Business Information - H.h. Benfield Electric Supply Co Inc in Mount Vernon, NY

H.h. Benfield Electric Supply Co Inc
240 Washington Street
Mount Vernon, NY 10553

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Westchester County, NY — SBA Office 0202 — Congressional District: NY-16

Similar Companies near Mount Vernon

In the Mount Vernon area, 10 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 45 employees (compared to this company's 62) and received an average PPP loan of $596,867 (compared to this company's $1.69M).

Industry PPP Comparison Statistics

Nationwide, 7,686 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a total of $1.31B 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 14 employees, 77% lower than H.h. Benfield Electric Supply Co Inc's reported 62 employees, and received an average PPP loan of $170,366, 90% lower than this company's loan of $1.69M.

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.

Search FederalPay's Full PPP Loan Database

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.

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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Source: www.federalpay.org/paycheck-protection-program/hh-benfield-electric-supply-co-inc-mount-vernon-ny