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PPP Loan Data — HMT Electric Inc,
Escondido, CA
HMT Electric Inc
Entity: Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: Escondido, CA
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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 $2,000,000.00 in March, 2021.
The company has reported itself as a male owned business, and employed at least 155 people during the applicable loan loan period.
$
PPP Loan Information
Loan #2060538705
Loan Size:
Jobs Retained:
155Loan Approved:
2021-03-28Loan Status:
Paid in Full or ForgivenLender:
Loan Source IncorporatedHMT Electric Inc in Escondido, CA received a Paycheck Protection Loan of $2M through Loan Source Incorporated, which was approved in March, 2021.
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 April, 2022.
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, HMT Electric Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 155 jobs retained, this equals an estimated average yearly compensation of $61,935 per employee1
Reported PPP Proceed Usage:
On the PPP application, HMT Electric Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
Business Information - HMT Electric Inc in Escondido, CA
2340 Meyers Ave
Escondido, CA 92029
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
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
Businesses Using Same Address:
There are 2 other businesses that received a PPP loan registered to the same address as HMT Electric Inc.
HMT Renewable Energy, Inc
Solar Electric Power Generation
HMT Electric North, Inc
Electrical Contractors and Other Wiring Installation Contractors
Similar Companies near Escondido
In the Escondido area, 29 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 155) and received an average PPP loan of $393,455 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Palomar Solar LTD
Escondido, CA
Wavelink Communications
Fallbrook, CA
HMT Electric North, Inc
Escondido, CA
Francis E Sabato Electrical Contractor
Escondido, CA
Seisun Inc
Escondido, CA
Cascade Electrical Contracting Corp
Escondido, CA
Skelly Electric Inc
Escondido, CA
Roberts Electrical Contracting
Fallbrook, CA
Daniel Morones Electric
Escondido, CA
Industry PPP Comparison Statistics
Nationwide, 81,487 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.75B 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 11 employees, 93% lower than HMT Electric Inc's reported 155 employees, and received an average PPP loan of $144,186, 93% lower than this company's loan of $2M.
HMT Electric, Inc
Entity: Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: Escondido, CA
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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
Loan #8321537008
Loan Size:
Jobs Retained:
180Loan Approved:
2020-04-08Loan Status:
Paid in Full or ForgivenLender:
Loan Source IncorporatedHMT Electric, Inc in Escondido, CA received a Paycheck Protection Loan of $4.6M through Loan Source Incorporated, 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, 2022.
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.The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 221. 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 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, HMT Electric, Inc's 2019 payroll expenses are estimated to be at least $22.07M (not accounting for salary amounts > $100k).
Because the 180 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, HMT Electric, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,050,378
- Utilities: $44,999
- Rent: $52,000
- Health Care: $450,000
Business Information - HMT Electric, Inc in Escondido, CA
2340 Meyers Ave
Escondido, CA 92029
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
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
Businesses Using Same Address:
There are 2 other businesses that received a PPP loan registered to the same address as HMT Electric, Inc.
HMT Renewable Energy, Inc
Solar Electric Power Generation
HMT Electric North, Inc
Electrical Contractors and Other Wiring Installation Contractors
Similar Companies near Escondido
In the Escondido area, 29 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 180) and received an average PPP loan of $393,455 (compared to this company's $4.6M).
Similar Nearby Businesses Who Received PPP Funding:
Palomar Solar LTD
Escondido, CA
Wavelink Communications
Fallbrook, CA
HMT Electric North, Inc
Escondido, CA
Francis E Sabato Electrical Contractor
Escondido, CA
Seisun Inc
Escondido, CA
Cascade Electrical Contracting Corp
Escondido, CA
Skelly Electric Inc
Escondido, CA
Roberts Electrical Contracting
Fallbrook, CA
Daniel Morones Electric
Escondido, CA
Industry PPP Comparison Statistics
Nationwide, 81,487 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.75B 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 11 employees, 94% lower than HMT Electric, Inc's reported 180 employees, and received an average PPP loan of $144,186, 97% lower than this company's loan of $4.6M.
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.
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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