PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Sea-Tac Electric Inc, Kent, WA

ALERT: There are 2 PPP loans for a total of $4.42M in our database for businesses with the name "Sea-Tac Electric Inc" in Kent, WA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Sea-Tac Electric Inc
WA

Sea-Tac Electric Inc

Entity: Subchapter S Corporation

Industry: Electrical Contractors and Other Wiring Installation Contractors

Location: Kent, WA

Search All PPP Data

Sea-Tac Electric Inc is a subchapter s corporation located at 7056 S 220th St in Kent, Washington that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.

The company has reported itself as a male owned business, and employed at least 107 people during the applicable loan loan period.

$ PPP Loan Information
Loan #7488148307

Loan Size:

$2M

Jobs Retained:

107

Loan Approved:

2021-01-28

Loan Status:

Ongoing Loan

Lender:

Timberland Bank

Sea-Tac Electric Inc in Kent, WA received a Paycheck Protection Loan of $2M through Timberland Bank, which was approved in January, 2021.

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, Sea-Tac Electric Inc's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 107 jobs retained, this equals an estimated average yearly compensation of $89,720 per employee1

Reported PPP Proceed Usage:

On the PPP application, Sea-Tac Electric Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,994
  • Utilities: $1
Because the loan received by Sea-Tac Electric Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Sea-Tac Electric Inc in Kent, WA

Sea-Tac Electric Inc
7056 S 220th St
Kent, WA 98032

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

King County, WA — SBA Office 1013 — Congressional District: WA-09

Businesses Using Same Address:

There is one other business that received a PPP loan registered to the same address as Sea-Tac Electric Inc.

Sea-Tac Electric, LLC
Electrical Contractors and Other Wiring Installation Contractors

$666,900 PPP Loan

Similar Companies near Kent

In the Kent area, 28 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 30 employees (compared to this company's 107) and received an average PPP loan of $530,393 (compared to this company's $2M).

Industry PPP Comparison Statistics

Nationwide, 81,495 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.75B 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, 90% lower than Sea-Tac Electric Inc's reported 107 employees, and received an average PPP loan of $144,173, 93% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Sea-Tac Electric, Inc
WA

Sea-Tac Electric, Inc

Entity: Subchapter S Corporation

Industry: Electrical Contractors and Other Wiring Installation Contractors

Location: Kent, WA

Search All PPP Data

Sea-Tac Electric, Inc is a subchapter s corporation located at 7056 S 220th St in Kent, Washington that received a Coronavirus-related PPP loan from the SBA of $2,422,500.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 138 people during the applicable loan loan period.

$ PPP Loan Information
Loan #7009567007

Loan Size:

$2.42M

Jobs Retained:

138

Loan Approved:

2020-04-07

Loan Status:

Paid in Full or Forgiven

Lender:

Timberland Bank

Sea-Tac Electric, Inc in Kent, WA received a Paycheck Protection Loan of $2.42M through Timberland Bank, which was approved in April, 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 August, 2021.

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, Sea-Tac Electric, Inc's 2019 payroll expenses are estimated to be at least $11.63M.

Based on their reported 138 jobs retained, this equals an estimated average yearly compensation of $84,261 per employee1

Reported PPP Proceed Usage:

On the PPP application, Sea-Tac Electric, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,422,500
Because the loan received by Sea-Tac Electric, Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Sea-Tac Electric, Inc in Kent, WA

Sea-Tac Electric, Inc
7056 S 220th St
Kent, WA 98032

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

King County, WA — SBA Office 1013 — Congressional District: WA-09

Businesses Using Same Address:

There is one other business that received a PPP loan registered to the same address as Sea-Tac Electric, Inc.

Sea-Tac Electric, LLC
Electrical Contractors and Other Wiring Installation Contractors

$666,900 PPP Loan

Similar Companies near Kent

In the Kent area, 28 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 30 employees (compared to this company's 138) and received an average PPP loan of $530,393 (compared to this company's $2.42M).

Industry PPP Comparison Statistics

Nationwide, 81,495 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.75B 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, 92% lower than Sea-Tac Electric, Inc's reported 138 employees, and received an average PPP loan of $144,173, 94% lower than this company's loan of $2.42M.

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.

Search FederalPay's Full PPP Loan Database

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.


Have FederalPay.org's open data tools been valuable? Consider donating!

** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/sea-tac-electric-inc-kent-wa