PPP Loan Data — Power Electric Co., Inc, Belleville, NJ
Power Electric Co., Inc
Entity: Subchapter S Corporation
Location: Belleville, NJTweet This • Search All PPP Data
Power Electric Co., Inc is a subchapter s corporation located at 10-22 North 7th Street 0.0 in Belleville, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,175,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:JPMorgan Chase Bank, National Association
Power Electric Co., Inc in Belleville, NJ received a Paycheck Protection Loan of $2.18M through JPMorgan Chase 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, Power Electric Co., Inc's 2019 payroll expenses are estimated to be at least $10.44M.
Based on their reported 135 jobs retained, this equals an estimated average yearly compensation of $77,333 per employee1
Reported PPP Proceed Usage:
On the PPP application, Power Electric Co., Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,095,000
- Utilities: $5,000
- Health Care: $75,000
Business Information - Power Electric Co., Inc in Belleville, NJ
10-22 North 7th Street 0.0
Belleville, NJ 7109
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: Y
Rural / Urban: Urban
Similar Companies near Belleville
In the Belleville area, 8 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 20 employees (compared to this company's 135) and received an average PPP loan of $319,004 (compared to this company's $2.18M).
Similar Nearby Businesses Who Received PPP Funding:
ACE Electric Contracting LLC
Metropolitan Wireless Services
Rehim Electric LLC
Ro's Electric Service Inc
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, 92% lower than Power Electric Co., Inc's reported 135 employees, and received an average PPP loan of $142,494, 93% lower than this company's loan of $2.18M.
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Footnotes & Information
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