PPP Loan Data — Powerworks Electric, LLC, Mooresville, NC
Powerworks Electric, LLC
Entity: Limited Liability Company (LLC)
Location: Mooresville, NCTweet This • Search All PPP Data
Powerworks Electric, LLC is a limited liability company (LLC) located at 160 Gasoline Aly in Mooresville, North Carolina that received a Coronavirus-related PPP loan from the SBA of $1,996,500.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 164 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Powerworks Electric, LLC in Mooresville, NC received a Paycheck Protection Loan of $2M through Truist Bank d/b/a Branch Banking & Trust Co, 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, Powerworks Electric, LLC's 2019 payroll expenses are estimated to be at least $9.58M.
Based on their reported 164 jobs retained, this equals an estimated average yearly compensation of $58,434 per employee1
Reported PPP Proceed Usage:
On the PPP application, Powerworks Electric, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,996,500
Business Information - Powerworks Electric, LLC in Mooresville, NC
160 Gasoline Aly
Mooresville, NC 28117
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Mooresville
In the Mooresville area, 10 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 19 employees (compared to this company's 164) and received an average PPP loan of $218,151 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Race City Electric LLC
A + Communications Inc
TDM Enterprises, Inc
Copperhead Electric LLC
Wire 1 LLC
Century Electrical Services LLC
Southern Electrical Contractors Inc
David Scott Berthel
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, 93% lower than Powerworks Electric, LLC's reported 164 employees, and received an average PPP loan of $142,494, 93% lower than this company's loan of $2M.
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