PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Jerry's Electric Motor Service Inc, Cleveland, TN

ALERT: There are 2 PPP loans for a total of $62,305 in our database for businesses with the name "Jerry's Electric Motor Service Inc" in Cleveland, TN. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Jerry's Electric Motor Service Inc
TN

Jerry's Electric Motor Service Inc

Entity: Corporation

Industry: Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance

Location: Cleveland, TN

Search All PPP Data

Jerry's Electric Motor Service Inc is a corporation located at 433 Broad St Sw in Cleveland, Tennessee that received a Coronavirus-related PPP loan from the SBA of $37,305.00 in March, 2021.

The company has reported itself as an American indian or alaska native female owned business, and employed at least six people during the applicable loan loan period.

$ PPP Loan Information
Loan #5277778603

Loan Size:

$37,305

Jobs Retained:

6

Loan Approved:

2021-03-20

Loan Status:

Ongoing Loan

Lender:

Regions Bank

Jerry's Electric Motor Service Inc in Cleveland, TN received a Paycheck Protection Loan of $37,305 through Regions Bank, which was approved in March, 2021.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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, Jerry's Electric Motor Service Inc's 2019 payroll expenses are estimated to be at least $179,064.

Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $29,844 per employee1

Reported PPP Proceed Usage:

On the PPP application, Jerry's Electric Motor Service Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $37,305

Business Information - Jerry's Electric Motor Service Inc in Cleveland, TN

Jerry's Electric Motor Service Inc
433 Broad St Sw
Cleveland, TN 37311

Business Owner Demographics

Race: American Indian or Alaska Native

Ethnicity: Unreported

Gender: Female Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Rural

Bradley County, TN — SBA Office 0474 — Congressional District: TN-04

Similar Companies near Cleveland

In the Cleveland area, 6 businesses in the "Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 6) and received an average PPP loan of $70,042 (compared to this company's $37,305).

Industry PPP Comparison Statistics

Nationwide, 22,310 businesses in the "Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance" industry received a total of $2.27B 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 9 employees, 50% higher than Jerry's Electric Motor Service Inc's reported 6 employees, and received an average PPP loan of $101,583, 172% higher than this company's loan of $37,305.

SBA PPP loan data, payroll data, and salaries for Jerry's Electric Motor Service Inc
TN

Jerry's Electric Motor Service Inc

Entity: Corporation

Industry: Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance

Location: Cleveland, TN

Search All PPP Data

Jerry's Electric Motor Service Inc is a corporation located at 433 Broad St Sw in Cleveland, Tennessee that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.

$ PPP Loan Information
Loan #4623877307

Loan Size:

$25,000

Jobs Retained:

6

Loan Approved:

2020-04-29

Loan Status:

Paid in Full or Forgiven

Lender:

Regions Bank

Jerry's Electric Motor Service Inc in Cleveland, TN received a Paycheck Protection Loan of $25,000 through Regions Bank, 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 May, 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, Jerry's Electric Motor Service Inc's 2019 payroll expenses are estimated to be at least $120,000.

Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $20,000 per employee1

Reported PPP Proceed Usage:

On the PPP application, Jerry's Electric Motor Service Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $25,000

Business Information - Jerry's Electric Motor Service Inc in Cleveland, TN

Jerry's Electric Motor Service Inc
433 Broad St Sw
Cleveland, TN 37311

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

Bradley County, TN — SBA Office 0474 — Congressional District: TN-03

Similar Companies near Cleveland

In the Cleveland area, 6 businesses in the "Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 6) and received an average PPP loan of $70,042 (compared to this company's $25,000).

Industry PPP Comparison Statistics

Nationwide, 22,310 businesses in the "Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance" industry received a total of $2.27B 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 9 employees, 50% higher than Jerry's Electric Motor Service Inc's reported 6 employees, and received an average PPP loan of $101,583, 306% higher than this company's loan of $25,000.

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.

Search FederalPay's Full PPP Loan Database

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/jerrys-electric-motor-service-inc-cleveland-tn