PPP Loan Data — Iacono Electric Co., Inc, Wilmington, DE
Iacono Electric Co., Inc
Location: Wilmington, DETweet This • Search All PPP Data
Iacono Electric Co., Inc is a corporation located at 5 Mock Dr in Wilmington, Delaware that received a Coronavirus-related PPP loan from the SBA of $25,305.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Wilmington Savings Fund Society, FSB
Iacono Electric Co., Inc in Wilmington, DE received a Paycheck Protection Loan of $25,305 through Wilmington Savings Fund Society, FSB, which was approved in April, 2020.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Iacono Electric Co., Inc's 2019 payroll expenses are estimated to be at least $121,464.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,732 per employee1
Reported PPP Proceed Usage:
On the PPP application, Iacono Electric Co., Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,305
Business Information - Iacono Electric Co., Inc in Wilmington, DE
5 Mock Dr
Wilmington, DE 19810
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Wilmington
In the Wilmington area, 3 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 2) and received an average PPP loan of $80,238 (compared to this company's $25,305).
Similar Nearby Businesses Who Received PPP Funding:
Icetec Energy Services, Inc
Systematic USA LLC
Industry PPP Comparison Statistics
Nationwide, 82,626 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.77B 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, 450% higher than Iacono Electric Co., Inc's reported 2 employees, and received an average PPP loan of $142,494, 463% higher than this company's loan of $25,305.
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