PPP Loan Data — Power Component Systems, Inc, Hanover, MD

Power Component Systems, Inc

Entity: Corporation

Industry: All Other Specialty Trade Contractors

Location: Hanover, MD

Power Component Systems, Inc is a corporation located at 7526 Connelley Dr Suite R in Hanover, Maryland that received a Coronavirus-related PPP loan from the SBA of $3,625,000.00 in April, 2020.

$ PPP Loan Information
Loan #4588757005

Loan Size:

$3.63M

Jobs Retained:

239

Loan Approved:

2020-04-03

Loan Status:

Paid in Full or Forgiven

Lender:

First National Bank of Pennsylvania

Power Component Systems, Inc in Hanover, MD received a Paycheck Protection Loan of $3.63M through First National Bank of Pennsylvania, 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 November, 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.

Understanding 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.

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, Power Component Systems, Inc's 2019 payroll expenses are estimated to be at least $17.4M.

Based on their reported 239 jobs retained, this equals an estimated average yearly compensation of $72,803 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Power Component Systems, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,625,000

Because the loan received by Power Component Systems, Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Power Component Systems, Inc in Hanover, MD

Power Component Systems, Inc
7526 Connelley Dr Suite R
Hanover, MD 21076

Business Industry:
All Other Specialty Trade Contractors
NAICS code 238990

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Anne Arundel County, MD — SBA Office 0373 — Congressional District: MD-03

Similar Companies near Hanover

In the Hanover area, 19 businesses in the "All Other Specialty Trade Contractors" industry received a PPP loan. These local businesses reported an average of 58 employees (compared to this company's 239) and received an average PPP loan of $704,107 (compared to this company's $3.63M).

Similar Nearby Businesses Who Received PPP Funding:

All State Paving LLC
Hanover, MD

$18,135 PPP Loan

Snap-Wall Inc
Elkridge, MD

$184,080 PPP Loan

Midpoint Technology Group, LLC
Hanover, MD

$1.02M PPP Loan

Noovis LLC
Hanover, MD

$278,700 PPP Loan

Synergi, LLC
Elkridge, MD

$857,700 PPP Loan

J & D General Contracting, Inc
Hanover, MD

$21,665 PPP Loan

Classic Building Specialties Inc
Hanover, MD

$240,037 PPP Loan

American Countertop Company MD LLC
Hanover, MD

$328,462 PPP Loan

One Call Concepts Locating Services Inc
Hanover, MD

$1.14M PPP Loan

Industry PPP Comparison Statistics

Nationwide, 92,260 businesses in the "All Other Specialty Trade Contractors" industry received a total of $8.02B 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 8 employees, 97% lower than Power Component Systems, Inc's reported 239 employees, and received an average PPP loan of $86,912, 98% lower than this company's loan of $3.63M.

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.

Search FederalPay's Full PPP Loan Database

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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