PPP Loan Data — Ready Electric Company, Inc, Louisville, KY
Ready Electric Company, Inc
Entity: Employee Stock Ownership Plan(esop)
Location: Louisville, KYTweet This • Search All PPP Data
Ready Electric Company, Inc is an employee stock ownership plan(esop) located at 3300 Gilmore Industrial Blvd in Louisville, Kentucky that received a Coronavirus-related PPP loan from the SBA of $3,163,100.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Stock Yards Bank & Trust Company
Ready Electric Company, Inc in Louisville, KY received a Paycheck Protection Loan of $3.16M through Stock Yards Bank & Trust Company, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, Ready Electric Company, Inc's 2019 payroll expenses are estimated to be at least $15.18M.
Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $60,732 per employee1
Reported PPP Proceed Usage:
On the PPP application, Ready Electric Company, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,163,100
Business Information - Ready Electric Company, Inc in Louisville, KY
3300 Gilmore Industrial Blvd
Louisville, KY 40213
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Louisville
In the Louisville area, 6 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 116 employees (compared to this company's 250) and received an average PPP loan of $1,881,133 (compared to this company's $3.16M).
Similar Nearby Businesses Who Received PPP Funding:
Cundiff Electric, Inc
NTA Maintenance And Electric LLC
AP Electric, Inc
Marrs Electric, Inc
Advanced Electrical Systems, Inc
Aspen Electric LLC
Freedom Energy Resources LLC
All Brite Electric Co Inc
Industry PPP Comparison Statistics
Nationwide, 71,092 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.33B 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 13 employees, 95% lower than Ready Electric Company, Inc's reported 250 employees, and received an average PPP loan of $159,369, 95% lower than this company's loan of $3.16M.
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Footnotes & Information
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