PPP Loan Data — New Horizons Telecom Inc, Palmer, AK
New Horizons Telecom Inc
Location: Palmer, AKTweet This • Search All PPP Data
New Horizons Telecom Inc is a corporation located at 901 Cope Industrial Way in Palmer, Alaska that received a Coronavirus-related PPP loan from the SBA of $2,009,300.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:KeyBank National Association
New Horizons Telecom Inc in Palmer, AK received a Paycheck Protection Loan of $2.01M through KeyBank National Association, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 96. 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
Understanding Payroll Estimates Based On PPP Amount
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, New Horizons Telecom Inc's 2019 payroll expenses are estimated to be at least $9.64M (not accounting for salary amounts > $100k).
Because the 64 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, New Horizons Telecom Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,009,300
Business Information - New Horizons Telecom Inc in Palmer, AK
901 Cope Industrial Way
Palmer, AK 99645
Power and Communication Line and Related Structures Construction
NAICS code 237130
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Palmer
In the Palmer area, 2 businesses in the "Power and Communication Line and Related Structures Construction" industry received a PPP loan. These local businesses reported an average of 34 employees (compared to this company's 64) and received an average PPP loan of $1,028,510 (compared to this company's $2.01M).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 4,817 businesses in the "Power and Communication Line and Related Structures Construction" industry received a total of $1.06B 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 17 employees, 73% lower than New Horizons Telecom Inc's reported 64 employees, and received an average PPP loan of $219,213, 89% lower than this company's loan of $2.01M.
FederalPay's PPP Information Policy
Footnotes & Information
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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