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PPP Loan Data — JAG Electon Inc, Ridgewood, NY

SBA PPP loan data, payroll data, and salaries for JAG Electon Inc
NY

JAG Electon Inc

Entity: Corporation

Industry: Electrical Contractors and Other Wiring Installation Contractors

Location: Ridgewood, NY

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JAG Electon Inc is a corporation located at 575 Fairview Avenue in Ridgewood, New York that received a Coronavirus-related PPP loan from the SBA of $102,225.00 in June, 2020.

$ PPP Loan Information
Loan #4353088007

Loan Size:

$102,225

Jobs Retained:

10

Loan Approved:

2020-06-25

Loan Status:

Paid in Full or Forgiven

Lender:

JPMorgan Chase Bank, National Association

JAG Electon Inc in Ridgewood, NY received a Paycheck Protection Loan of $102,225 through JPMorgan Chase Bank, National Association, which was approved in June, 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, 2021.

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 More
Understanding 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 More

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, JAG Electon Inc's 2019 payroll expenses are estimated to be at least $490,680.

Based on their reported 10 jobs retained, this equals an estimated average yearly compensation of $49,068 per employee1

Reported PPP Proceed Usage:

On the PPP application, JAG Electon Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $84,225
  • Rent: $18,000

Business Information - JAG Electon Inc in Ridgewood, NY

JAG Electon Inc
575 Fairview Avenue
Ridgewood, NY 11385

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Queens County, NY — SBA Office 0202 — Congressional District: NY-07

Similar Companies near Ridgewood

In the Ridgewood area, 28 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 10) and received an average PPP loan of $418,471 (compared to this company's $102,225).

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, 10% higher than JAG Electon Inc's reported 10 employees, and received an average PPP loan of $142,494, 39% higher than this company's loan of $102,225.

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.

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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.


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Source: www.federalpay.org/paycheck-protection-program/jag-electon-inc-ridgewood-ny