PPP Loan Data — Orcas Power & Light Cooperative, Eastsound, WA
Orcas Power & Light Cooperative is a non-profit organization located at 183 Mt. Baker Road in Eastsound, Washington that received a Coronavirus-related PPP loan from the SBA of $1,790,016.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:KeyBank National Association
Orcas Power & Light Cooperative in Eastsound, WA received a Paycheck Protection Loan of $1.79M 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 86. 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, Orcas Power & Light Cooperative's 2019 payroll expenses are estimated to be at least $8.59M (not accounting for salary amounts > $100k).
Because the 50 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, Orcas Power & Light Cooperative reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,790,016
Business Information - Orcas Power & Light Cooperative in Eastsound, WA
183 Mt. Baker Road
Eastsound, WA 98245
Electric Power Distribution
NAICS code 221122
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 1,214 businesses in the "Electric Power Distribution" industry received a total of $555.64M 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 26 employees, 48% lower than Orcas Power & Light Cooperative's reported 50 employees, and received an average PPP loan of $457,693, 74% lower than this company's loan of $1.79M.
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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