PPP Loan Data — Preferred Electric Co., Inc., Charlotte, NC
Preferred Electric Co., Inc.
Location: Charlotte, NCTweet This • Search All PPP Data
Preferred Electric Co., Inc. is a corporation located at 4113 Yancey Rd in Charlotte, North Carolina that received a Coronavirus-related PPP loan from the SBA of $3,290,566.00 in April, 2020.
$ PPP Loan Information
Lender:TRUIST BANK D/B/A BRANCH BANKING & TRUST CO
Preferred Electric Co., Inc. received a Paycheck Protection Loan of $3.29M through TRUIST BANK D/B/A BRANCH BANKING & TRUST CO, which was approved in April, 2020.
Based on standard PPP eligibility rules, Preferred Electric Co., Inc.'s total 2019 payroll expenses were approximately $15.79M in order to qualify for the PPP loan amount received.
Based on their reported 217 jobs retained, this equals an estimated average yearly compensation of $72,787 per employee1.
Business Information - Preferred Electric Co., Inc. in Charlotte, NC
4113 Yancey Rd
Charlotte, NC 28217
Electrical Contractors and Other Wiring Installation Contractors (NAICS code 238210)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: NC-12
Similar Companies near Charlotte
In the Charlotte area, 12 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 217) and received an average PPP loan of $470,077 (compared to this company's $3.29M).
Similar Nearby Businesses Who Received PPP Funding:
Howard Brothers Electric Of Clt, LLC
A-1 Electric Co. Of Charlotte, Inc.
Horne Electric Company, Inc.
TEC Electric LLC
Industrial Electric Company Of Charlotte, The
Vision Electric Inc
Honesty Electric LLC
Industry PPP Comparison Statistics
Nationwide, 44,489 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $8,060,101,877.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 12 employees, 94% lower than Preferred Electric Co., Inc.'s reported 217 employees, and received an average PPP loan of $181,171, 94% lower than this company's loan of $3.29M.
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.
Footnotes & Information
1. 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.
Have FederalPay.org's open data tools been valuable? Consider donating!