PPP Loan Data — Rossi Electric Co Inc, Cranston, RI
Rossi Electric Co Inc
Location: Cranston, RITweet This • Search All PPP Data
Rossi Electric Co Inc is a corporation located at 65 Western Industrial Dr Ste D in Cranston, Rhode Island that received a Coronavirus-related PPP loan from the SBA of $2,462,965.00 in May, 2020.
The company has reported itself as a female owned business, and employed at least 91 people during the applicable loan loan period.
$ PPP Loan Information
Lender:BANK OF AMERICA, NATIONAL ASSOCIATION
Rossi Electric Co Inc in Cranston, RI received a Paycheck Protection Loan of $2.46M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in May, 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 91 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 118.
Based on standard PPP eligibility rules, Rossi Electric Co Inc's total 2019 payroll expenses were approximately $11.82M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 91 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Rossi Electric Co Inc in Cranston, RI
65 Western Industrial Dr Ste D
Cranston, RI 2921
Electrical Contractors and Other Wiring Installation Contractors (NAICS code 238210)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: FEMALE OWNED
Veteran Status: NON-VETERANCongressional District: RI-02
Similar Companies near Cranston
In the Cranston area, 9 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 13 employees (compared to this company's 91) and received an average PPP loan of $343,288 (compared to this company's $2.46M).
Similar Nearby Businesses Who Received PPP Funding:
Nolin Electric, Inc.
Deal Electric LLC
Stafford Electric LLC
AAA Fire Alarm & Life Safety, Inc.
P & S Electrical Enterprises Inc
Superior Security System LLC
Ocean State Electronic Security Systems, Inc.
JDV 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, 87% lower than Rossi Electric Co Inc's reported 91 employees, and received an average PPP loan of $181,171, 93% lower than this company's loan of $2.46M.
FederalPay's PPP Information Policy
Footnotes & Information
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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