PPP Loan Data — HMT Electric, Inc, Escondido, CA
HMT Electric, Inc
Location: Escondido, CATweet This • Search All PPP Data
HMT Electric, Inc is a corporation located at 2340 Meyers Ave in Escondido, California that received a Coronavirus-related PPP loan from the SBA of $4,597,377.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 180 people during the applicable loan loan period.
$ PPP Loan Information
Lender:PACIFIC PREMIER BANK
HMT Electric, Inc received a Paycheck Protection Loan of $4.6M through PACIFIC PREMIER BANK, which was approved in April, 2020.
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 180 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.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 221.
Based on standard PPP eligibility rules, HMT Electric, Inc's total 2019 payroll expenses were approximately $22.07M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 180 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - HMT Electric, Inc in Escondido, CA
2340 Meyers Ave
Escondido, CA 92029
Electrical Contractors and Other Wiring Installation Contractors (NAICS code 238210)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: NON-VETERANCongressional District: CA-50
Similar Companies near Escondido
In the Escondido area, 19 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 22 employees (compared to this company's 180) and received an average PPP loan of $449,525 (compared to this company's $4.6M).
Similar Nearby Businesses Who Received PPP Funding:
Skelly Electric Inc
Francis E Sabato Electrical Contractor
Engebretson Electric Inc.
Daniel Morones Electric
Fitzgerald Electrical Services, Inc.
Keith Smith & Son, Inc.
Palomar Solar LTD
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, 93% lower than HMT Electric, Inc's reported 180 employees, and received an average PPP loan of $181,171, 96% lower than this company's loan of $4.6M.
FederalPay's PPP Information Policy
Footnotes & Information
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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