PPP Loan Data — ROW Electrical Equipment Inc, Toledo, OH
ROW Electrical Equipment Inc
Location: Toledo, OHTweet This • Search All PPP Data
ROW Electrical Equipment Inc is a corporation located at 3300 Bishop St in Toledo, Ohio that received a Coronavirus-related PPP loan from the SBA of $107,358.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least eight people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:The Huntington National Bank
ROW Electrical Equipment Inc in Toledo, OH received a Paycheck Protection Loan of $107,358 through The Huntington National Bank, 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
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.Read More
Understanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.Read More
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, ROW Electrical Equipment Inc's 2019 payroll expenses are estimated to be at least $515,318.
Based on their reported 8 jobs retained, this equals an estimated average yearly compensation of $64,415 per employee1
Reported PPP Proceed Usage:
On the PPP application, ROW Electrical Equipment Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $107,358
Business Information - ROW Electrical Equipment Inc in Toledo, OH
3300 Bishop St
Toledo, OH 43606
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Toledo
In the Toledo area, 11 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 37 employees (compared to this company's 8) and received an average PPP loan of $692,383 (compared to this company's $107,358).
Similar Nearby Businesses Who Received PPP Funding:
Laibe Electric Co
Bryson/Tucker Electric LLC
Schneider Sons' Electric Corp
S&L Cabling Solutions LLC
Industry PPP Comparison Statistics
Nationwide, 82,857 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.78B 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, 38% higher than ROW Electrical Equipment Inc's reported 8 employees, and received an average PPP loan of $142,175, 32% higher than this company's loan of $107,358.
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