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PPP Loan Data — Kinetic Electric Inc,
Rancho Cucamonga, CA
Kinetic Electric Inc
Entity: Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: Rancho Cucamonga, CA
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Kinetic Electric Inc is a corporation located at 10700 Jersey Blvd Ste 100 in Rancho Cucamonga, California that received a Coronavirus-related PPP loan from the SBA of $97,400.00 in February, 2021.
$
PPP Loan Information
Loan #4871888501
Loan Size:
Jobs Retained:
10Loan Approved:
2021-02-26Loan Status:
Ongoing LoanLender:
Community Commerce BankKinetic Electric Inc in Rancho Cucamonga, CA received a Paycheck Protection Loan of $97,400 through Community Commerce Bank, which was approved in February, 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 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, Kinetic Electric Inc's 2019 payroll expenses are estimated to be at least $467,520.
Based on their reported 10 jobs retained, this equals an estimated average yearly compensation of $46,752 per employee1
Reported PPP Proceed Usage:
On the PPP application, Kinetic Electric Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $97,396
- Utilities: $1
Business Information - Kinetic Electric Inc in Rancho Cucamonga, CA
10700 Jersey Blvd Ste 100
Rancho Cucamonga, CA 91730
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: N
Rural / Urban: Urban
Similar Companies near Rancho Cucamonga
In the Rancho Cucamonga area, 32 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 10) and received an average PPP loan of $411,157 (compared to this company's $97,400).
Similar Nearby Businesses Who Received PPP Funding:
Cable Brothers Inc
Rancho, CA
Tyrone Wade
Rancho Cucamonga, CA
Doyle Turner
Rancho Cucamonga, CA
Elite Electrical Construction Services Inc
Rancho Cucamonga, CA
Ram-Co Inc
Rch Cucamonga, CA
Ttsi Electric, Inc
Rancho Cucamonga, CA
Rancho Pacific Electric Construction, Inc
Rancho Cucamonga, CA
Moore Electric, Inc
Rancho Cucamonga, CA
Industry PPP Comparison Statistics
Nationwide, 78,822 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.65B 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 12 employees, 20% higher than Kinetic Electric Inc's reported 10 employees, and received an average PPP loan of $147,855, 52% higher than this company's loan of $97,400.
Kinetic Electric Inc
Entity: Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: Rancho Cucamonga, CA
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•
Search All PPP Data
Kinetic Electric Inc is a corporation located at 10700 Jersey Blvd Suite 100 in Rancho Cucamonga, California that received a Coronavirus-related PPP loan from the SBA of $50,100.00 in April, 2020.
$
PPP Loan Information
Loan #7617277105
Loan Size:
Jobs Retained:
13Loan Approved:
2020-04-14Loan Status:
Paid in Full or ForgivenLender:
Community Commerce BankKinetic Electric Inc in Rancho Cucamonga, CA received a Paycheck Protection Loan of $50,100 through Community Commerce 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 March, 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 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, Kinetic Electric Inc's 2019 payroll expenses are estimated to be at least $240,480.
Based on their reported 13 jobs retained, this equals an estimated average yearly compensation of $18,498 per employee1
Reported PPP Proceed Usage:
On the PPP application, Kinetic Electric Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $50,100
Business Information - Kinetic Electric Inc in Rancho Cucamonga, CA
10700 Jersey Blvd Suite 100
Rancho Cucamonga, CA 91730
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: N
Rural / Urban: Urban
Similar Companies near Rancho Cucamonga
In the Rancho Cucamonga area, 32 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 13) and received an average PPP loan of $411,157 (compared to this company's $50,100).
Similar Nearby Businesses Who Received PPP Funding:
Cable Brothers Inc
Rancho, CA
Tyrone Wade
Rancho Cucamonga, CA
Doyle Turner
Rancho Cucamonga, CA
Elite Electrical Construction Services Inc
Rancho Cucamonga, CA
Ram-Co Inc
Rch Cucamonga, CA
Ttsi Electric, Inc
Rancho Cucamonga, CA
Rancho Pacific Electric Construction, Inc
Rancho Cucamonga, CA
Moore Electric, Inc
Rancho Cucamonga, CA
Industry PPP Comparison Statistics
Nationwide, 78,822 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.65B 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 12 employees, 8% lower than Kinetic Electric Inc's reported 13 employees, and received an average PPP loan of $147,855, 195% higher than this company's loan of $50,100.
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.
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