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PPP Loan Data — Patriot Electric Corp,
College Point, NY
Patriot Electric Corp
Entity: Subchapter S Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: College Point, NY
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Patriot Electric Corp is a subchapter s corporation located at 1517 126th St in College Point, New York that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
The company has reported itself as a White male owned business, and employed at least 225 people during the applicable loan loan period.
$
PPP Loan Information
Loan #6989018405
Loan Size:
Jobs Retained:
225Loan Approved:
2021-02-11Loan Status:
Paid in Full or ForgivenLender:
JPMorgan Chase Bank, National AssociationPatriot Electric Corp in College Point, NY received a Paycheck Protection Loan of $2M through JPMorgan Chase Bank, National Association, which was approved in February, 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 January, 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, Patriot Electric Corp's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 225 jobs retained, this equals an estimated average yearly compensation of $42,667 per employee1
Reported PPP Proceed Usage:
On the PPP application, Patriot Electric Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Patriot Electric Corp in College Point, NY
1517 126th St
College Point, NY 11356
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near College Point
In the College Point area, 36 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 33 employees (compared to this company's 225) and received an average PPP loan of $555,205 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Levinson & Santoro Electric Corp
College Point, NY
Independent Temperature Control Svcs Inc
College Point, NY
Deluxe Electrical & Maintenance Corp
College Point, NY
Independent Temperature Control Services
College Point, NY
Loukas Lykokas
College Point, NY
Selective Electrical Corp
Whitestone, NY
Neos Associated Inc
Whitestone, NY
Queue Electrical Contractors, Inc
College Point, NY
Cipriani Electric Inc
Whitestone, NY
Industry PPP Comparison Statistics
Nationwide, 81,475 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.74B 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 Patriot Electric Corp's reported 225 employees, and received an average PPP loan of $144,140, 93% lower than this company's loan of $2M.
Patriot Electric Corp
Entity: Subchapter S Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: College Point, NY
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Patriot Electric Corp is a subchapter s corporation located at 15-17 126th Street in College Point, New York that received a Coronavirus-related PPP loan from the SBA of $5,005,080.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 325 people during the applicable loan loan period.
$
PPP Loan Information
Loan #7619557208
Loan Size:
Jobs Retained:
325Loan Approved:
2020-04-28Loan Status:
Paid in Full or ForgivenLender:
JPMorgan Chase Bank, National AssociationPatriot Electric Corp in College Point, NY received a Paycheck Protection Loan of $5.01M through JPMorgan Chase Bank, National Association, 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 August, 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, Patriot Electric Corp's 2019 payroll expenses are estimated to be at least $24.02M.
Based on their reported 325 jobs retained, this equals an estimated average yearly compensation of $73,921 per employee1
Reported PPP Proceed Usage:
On the PPP application, Patriot Electric Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,532,000
- Utilities: $17,610
- Rent: $90,000
- Refinance EIDL: $10,000
- Health Care: $355,470
Business Information - Patriot Electric Corp in College Point, NY
15-17 126th Street
College Point, NY 11356
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near College Point
In the College Point area, 36 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 33 employees (compared to this company's 325) and received an average PPP loan of $555,205 (compared to this company's $5.01M).
Similar Nearby Businesses Who Received PPP Funding:
Levinson & Santoro Electric Corp
College Point, NY
Independent Temperature Control Svcs Inc
College Point, NY
Deluxe Electrical & Maintenance Corp
College Point, NY
Independent Temperature Control Services
College Point, NY
Loukas Lykokas
College Point, NY
Selective Electrical Corp
Whitestone, NY
Neos Associated Inc
Whitestone, NY
Queue Electrical Contractors, Inc
College Point, NY
Cipriani Electric Inc
Whitestone, NY
Industry PPP Comparison Statistics
Nationwide, 81,475 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.74B 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, 97% lower than Patriot Electric Corp's reported 325 employees, and received an average PPP loan of $144,140, 97% lower than this company's loan of $5.01M.
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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