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PPP Loan Data — Rael Automatic Sprinkler Co., Inc.,
New Hyde Park, NY
Rael Automatic Sprinkler Co., Inc.
Entity: Subchapter S Corporation
Industry: Plumbing, Heating, and Air-Conditioning Contractors
Location: New Hyde Park, NY
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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 Size:
Jobs Retained:
321Loan Approved:
2020-04-15Lender:
MANUFACTURERS AND TRADERS TRUST COMPANYRael Automatic Sprinkler Co., Inc. received a Paycheck Protection Loan of $10M through MANUFACTURERS AND TRADERS TRUST COMPANY, which was approved in April, 2020.
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.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 480.
Based on standard PPP eligibility rules, Rael Automatic Sprinkler Co., Inc.'s total 2019 payroll expenses were approximately $48M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 321 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Rael Automatic Sprinkler Co., Inc. in New Hyde Park, NY
1750 Plaza Avenue
New Hyde Park, NY 11040
Business Industry
Plumbing, Heating, and Air-Conditioning Contractors (NAICS code 238220)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Congressional District: NY-04Similar Companies near New Hyde Park
In the New Hyde Park area, 25 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a PPP loan. These local businesses reported an average of 28 employees (compared to this company's 321) and received an average PPP loan of $690,295 (compared to this company's $10M).
Similar Nearby Businesses Who Received PPP Funding:
Pierpont Mechanical Corporation
Garden City Park, NY
Conair Corporation
New Hyde Park, NY
New Hyde Park Plumbing Supply Inc
New Hyde Park, NY
T.F. O'Brien And Co Inc.
New Hyde Park, NY
Heat, Inc.
New Hyde Park, NY
Rocon Mechanical LLC
Garden City Park, NY
Rocon Corp.
New Hyde Park, NY
Airvel Air Conditioning Corp
New Hyde Park, NY
NJ Mccann & Sons Plumbing & Heating LLC
New Hyde Park, NY
Industry PPP Comparison Statistics
Nationwide, 60,482 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a total of $9,373,583,135.00 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 11 employees, 97% lower than Rael Automatic Sprinkler Co., Inc.'s reported 321 employees, and received an average PPP loan of $154,981, 98% lower than this company's loan of $10M.
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.
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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