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PPP Loan Data — Knight Electrical Services Corp,
New York, NY
Knight Electrical Services Corp
Entity: Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: New York, NY
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Knight Electrical Services Corp is a corporation located at 599 11th Ave Fl 7 in New York, New York that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.
The company has reported itself as a male veteran owned business, and employed at least 212 people during the applicable loan loan period.
$
PPP Loan Information
Loan #4961298309
Loan Size:
Jobs Retained:
212Loan Approved:
2021-01-23Loan Status:
Paid in Full or ForgivenLender:
The National Bank of CoxsackieKnight Electrical Services Corp in New York, NY received a Paycheck Protection Loan of $2M through The National Bank of Coxsackie, which was approved in January, 2021.
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, 2022.
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, Knight Electrical Services Corp's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 212 jobs retained, this equals an estimated average yearly compensation of $45,283 per employee1
Reported PPP Proceed Usage:
On the PPP application, Knight Electrical Services Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Knight Electrical Services Corp in New York, NY
599 11th Ave Fl 7
New York, NY 10036
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near New York
In the New York area, 19 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 63 employees (compared to this company's 212) and received an average PPP loan of $940,760 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Takezo Dundon
New York, NY
SLS Controls, Inc
New York, NY
Anthony G. Ferry Inc
New York, NY
EGG Electric Inc
New York, NY
Tom Fitzpatrick Electrical Contracting Corporation
New York, NY
J & Y Electric And Intercom Company Inc
New York, NY
Well Rounded Square Inc
New York, NY
SLS Control Inc
New York, NY
Industry PPP Comparison Statistics
Nationwide, 81,485 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.75B 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 Knight Electrical Services Corp's reported 212 employees, and received an average PPP loan of $144,190, 93% lower than this company's loan of $2M.
Knight Electrical Services Corp
Entity: Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: New York, NY
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Knight Electrical Services Corp is a corporation located at 599 11th Avenue 7th Floor in New York, New York that received a Coronavirus-related PPP loan from the SBA of $3,543,900.00 in April, 2020.
The company has reported itself as a male veteran owned business, and employed at least 212 people during the applicable loan loan period.
$
PPP Loan Information
Loan #6025257210
Loan Size:
Jobs Retained:
212Loan Approved:
2020-04-27Loan Status:
Paid in Full or ForgivenLender:
Citibank, N.A.Knight Electrical Services Corp in New York, NY received a Paycheck Protection Loan of $3.54M through Citibank, N.A., 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 July, 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, Knight Electrical Services Corp's 2019 payroll expenses are estimated to be at least $17.01M.
Based on their reported 212 jobs retained, this equals an estimated average yearly compensation of $80,239 per employee1
Reported PPP Proceed Usage:
On the PPP application, Knight Electrical Services Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,543,900
Business Information - Knight Electrical Services Corp in New York, NY
599 11th Avenue 7th Floor
New York, NY 10036
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near New York
In the New York area, 19 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 63 employees (compared to this company's 212) and received an average PPP loan of $940,760 (compared to this company's $3.54M).
Similar Nearby Businesses Who Received PPP Funding:
Takezo Dundon
New York, NY
SLS Controls, Inc
New York, NY
Anthony G. Ferry Inc
New York, NY
EGG Electric Inc
New York, NY
Tom Fitzpatrick Electrical Contracting Corporation
New York, NY
J & Y Electric And Intercom Company Inc
New York, NY
Well Rounded Square Inc
New York, NY
SLS Control Inc
New York, NY
Industry PPP Comparison Statistics
Nationwide, 81,485 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.75B 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 Knight Electrical Services Corp's reported 212 employees, and received an average PPP loan of $144,190, 96% lower than this company's loan of $3.54M.
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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