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PPP Loan Data — J Ranck Electric Inc,
Mt Pleasant, MI
J Ranck Electric Inc
Entity: Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: Mt Pleasant, MI
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J Ranck Electric Inc is a corporation located at 1993 Gover Pkwy in Mt Pleasant, Michigan that received a Coronavirus-related PPP loan from the SBA of $6,080,600.00 in April, 2020.
$
PPP Loan Information
Loan #4691377105
Loan Size:
Jobs Retained:
215Loan Approved:
2020-04-13Loan Status:
Paid in Full or ForgivenLender:
PNC Bank, National AssociationJ Ranck Electric Inc in Mt Pleasant, MI received a Paycheck Protection Loan of $6.08M through PNC Bank, National Association, 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 September, 2021.
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 215 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 292. 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, J Ranck Electric Inc's 2019 payroll expenses are estimated to be at least $29.19M (not accounting for salary amounts > $100k).
Because the 215 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, J Ranck Electric Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $6,080,600
Business Information - J Ranck Electric Inc in Mt Pleasant, MI
1993 Gover Pkwy
Mt Pleasant, MI 48858
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
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: Rural
Similar Companies near Mt Pleasant
In the Mt Pleasant area, 9 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 30 employees (compared to this company's 215) and received an average PPP loan of $747,361 (compared to this company's $6.08M).
Similar Nearby Businesses Who Received PPP Funding:
Electrical Technologies
Mount Pleasant, MI
Timothy Smith III
Mt Pleasant, MI
Mid State Electric Inc
Mount Pleasant, MI
Tel-A-Friend Inc
Morrice, MI
Electrical Technologies LLC
Mount Pleasant, MI
Zeny's Residential Electric, Inc
Mount Pleasant, MI
Tel-A-Friend
Morrice, MI
Industry PPP Comparison Statistics
Nationwide, 81,475 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.74B 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, 95% lower than J Ranck Electric Inc's reported 215 employees, and received an average PPP loan of $144,140, 98% lower than this company's loan of $6.08M.
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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