Rael Automatic Sprinkler Co., Inc is a subchapter s corporation located at 1750 Plaza Avenue in New Hyde Park, New York that received a Coronavirus-related PPP loan from the SBA of $10,000,000.00 in April, 2020.

$ PPP Loan Information

Loan #9734967109

Rael Automatic Sprinkler Co., Inc in New Hyde Park, NY received a Paycheck Protection Loan of $10M through Manufacturers and Traders Trust Company, 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 July, 2021.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 321 jobs reported as retained on the PPP application³. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 480. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

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, Rael Automatic Sprinkler Co., Inc's 2019 payroll expenses are estimated to be at least $48M (not accounting for salary amounts > $100k).

Because the 321 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Rael Automatic Sprinkler Co., Inc reported intending to use the proceeds of their PPP loan for the following expenses:

• Payroll: $7,264,698
• Utilities: $5,000
• Mortgage Interest: $65,000
• Health Care: $2,665,302

Business Information - Rael Automatic Sprinkler Co., Inc in New Hyde Park, NY

Similar Companies near New Hyde Park

In the New Hyde Park area, 47 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a PPP loan. These local businesses reported an average of 32 employees (compared to this company's 321) and received an average PPP loan of $565,193 (compared to this company's $10M).

Industry PPP Comparison Statistics

Nationwide, 103,883 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a total of $13.03B 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 10 employees, 97% lower than Rael Automatic Sprinkler Co., Inc's reported 321 employees, and received an average PPP loan of $125,397, 99% lower than this company's loan of $10M.