PPP Loan Data — Precision Electric Group, Inc, Redmond, WA
Precision Electric Group, Inc
Location: Redmond, WATweet This • Search All PPP Data
Precision Electric Group, Inc is a corporation located at 15323 Ne 90th St in Redmond, Washington that received a Coronavirus-related PPP loan from the SBA of $2,820,017.00 in April, 2020.
The company has reported itself as a White male veteran owned business, and employed at least 177 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Precision Electric Group, Inc in Redmond, WA received a Paycheck Protection Loan of $2.82M through Banner Bank, 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, Precision Electric Group, Inc's 2019 payroll expenses are estimated to be at least $13.54M.
Based on their reported 177 jobs retained, this equals an estimated average yearly compensation of $76,475 per employee1
Reported PPP Proceed Usage:
On the PPP application, Precision Electric Group, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,820,017
Business Information - Precision Electric Group, Inc in Redmond, WA
15323 Ne 90th St
Redmond, WA 98052
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Redmond
In the Redmond area, 16 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 35 employees (compared to this company's 177) and received an average PPP loan of $852,831 (compared to this company's $2.82M).
Similar Nearby Businesses Who Received PPP Funding:
Ferguson Electric LLC
Service Communications Inc
E&H Power Systems LLC
Sequoyah Electric, LLC
ANM Electric Inc
Dougs Electric Inc
Precision Electric Group CA Inc
Puget Electric LLC
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, 94% lower than Precision Electric Group, Inc's reported 177 employees, and received an average PPP loan of $142,494, 95% lower than this company's loan of $2.82M.
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