PPP Loan Data — Rite-Way Electric, Plymouth, MA
Entity: Sole Proprietorship
Location: Plymouth, MATweet This • Search All PPP Data
Rite-Way Electric is a sole proprietorship located in Plymouth, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $10,712.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Rite-Way Electric in Plymouth, MA received a Paycheck Protection Loan of $10,712 through Bank of America, National Association, which was approved in May, 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 January, 2021.
Reported PPP Proceed Usage:
On the PPP application, Rite-Way Electric reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $10,712
Business Information - Rite-Way Electric in Plymouth, MA
* Full address is redacted to protect the privacy of individuals.
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Plymouth
In the Plymouth area, 27 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 14 employees (compared to this company's 1) and received an average PPP loan of $241,684 (compared to this company's $10,712).
Similar Nearby Businesses Who Received PPP Funding:
EAV Solutions Inc
Response Electrical Services Inc
Rodney Holmes Electrician
S Macleod Electric Inc
SCR Electric Inc
Glynn Electric, Inc
James B Jones
Plymouth, Ma 02360, MA
Systems Contracting Inc
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, 1000% higher than Rite-Way Electric's reported 1 employees, and received an average PPP loan of $142,494, 1230% higher than this company's loan of $10,712.
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. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. 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.
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