PPP Loan Data — Santee Electric Cooperative, Inc., Kingstree, SC
Santee Electric Cooperative, Inc. is a non-profit organization located at 424 Sumter Highway in Kingstree, South Carolina that received a Coronavirus-related PPP loan from the SBA of $2,887,500.00 in April, 2020.
$ PPP Loan Information
Lender:FIRST-CITIZENS BANK & TRUST COMPANY
Santee Electric Cooperative, Inc. received a Paycheck Protection Loan of $2.89M through FIRST-CITIZENS BANK & 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 123 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 139.
Based on standard PPP eligibility rules, Santee Electric Cooperative, Inc.'s total 2019 payroll expenses were approximately $13.86M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 123 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Santee Electric Cooperative, Inc. in Kingstree, SC
424 Sumter Highway
Kingstree, SC 29556
Electric Power Distribution (NAICS code 221122)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: SC-06
Industry PPP Comparison Statistics
Nationwide, 823 businesses in the "Electric Power Distribution" industry received a total of $508,939,757.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 31 employees, 75% lower than Santee Electric Cooperative, Inc.'s reported 123 employees, and received an average PPP loan of $618,396, 79% lower than this company's loan of $2.89M.
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.
Have FederalPay.org's open data tools been valuable? Consider donating!