PPP Loan Data — Oneil Electric Company, Warwick, RI
Oneil Electric Company
Entity: Subchapter S Corporation
Location: Warwick, RITweet This • Search All PPP Data
Oneil Electric Company is a subchapter s corporation located at 39 Foxcroft Avenue in Warwick, Rhode Island that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Webster Bank, National Association
Oneil Electric Company in Warwick, RI received a Paycheck Protection Loan of $25,000 through Webster Bank, National Association, which was approved in April, 2020.
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, Oneil Electric Company's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Oneil Electric Company reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Oneil Electric Company in Warwick, RI
39 Foxcroft Avenue
Warwick, RI 2889
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Warwick
In the Warwick area, 20 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 3) and received an average PPP loan of $176,520 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Kent County Electrical Service, Inc
North Atlantic Electrical Contractors L
Izzo & Sons, Inc
K Electric Inc
J & J Electrical Contractors, LLC
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, 267% higher than Oneil Electric Company's reported 3 employees, and received an average PPP loan of $142,494, 470% higher than this company's loan of $25,000.
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Footnotes & Information
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