PPP Loan Data — Honesty Electric LLC, Charlotte, NC
Honesty Electric LLC
Entity: Limited Liability Company (LLC)
Location: Charlotte, NCTweet This • Search All PPP Data
Honesty Electric LLC is a limited liability company (LLC) located at 423 W Peterson Dr in Charlotte, North Carolina that received a Coronavirus-related PPP loan from the SBA of $5,076.00 in May, 2020.
$ PPP Loan Information
Lender:BANK OF AMERICA, NATIONAL ASSOCIATION
Honesty Electric LLC received a Paycheck Protection Loan of $5,076 through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in May, 2020.
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 0.
Based on standard PPP eligibility rules, Honesty Electric LLC's total 2019 payroll expenses were approximately $24,365 in order to qualify for the PPP loan amount received.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $8,122 per employee1.
Business Information - Honesty Electric LLC in Charlotte, NC
423 W Peterson Dr
Charlotte, NC 28217
Electrical Contractors and Other Wiring Installation Contractors (NAICS code 238210)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: NC-12
Similar Companies near Charlotte
In the Charlotte area, 12 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 33 employees (compared to this company's 3) and received an average PPP loan of $470,077 (compared to this company's $5,076).
Similar Nearby Businesses Who Received PPP Funding:
Vision Electric Inc
Preferred Electric Co., Inc.
Industrial Electric Company Of Charlotte, The
Horne Electric Company, Inc.
Attaway Services Carolina Inc.
LOC Doc Inc
Howard Brothers Electric Of Clt, LLC
A-1 Electric Co. Of Charlotte, Inc.
Viva Electric LLC
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, 300% higher than Honesty Electric LLC's reported 3 employees, and received an average PPP loan of $181,171, 3469% higher than this company's loan of $5,076.
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. 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.
Have FederalPay.org's open data tools been valuable? Consider donating!