PPP Loan Data — Sequachee Valley Electric Coop, Inc, South Pittsburg, TN
Sequachee Valley Electric Coop, Inc is a cooperative located at 512 S Cedar Ave in South Pittsburg, Tennessee that received a Coronavirus-related PPP loan from the SBA of $1,659,529.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Citizens Tri-County Bank
Sequachee Valley Electric Coop, Inc in South Pittsburg, TN received a Paycheck Protection Loan of $1.66M through Citizens Tri-County 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 March, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Sequachee Valley Electric Coop, Inc's 2019 payroll expenses are estimated to be at least $7.97M.
Based on their reported 81 jobs retained, this equals an estimated average yearly compensation of $98,342 per employee1
Reported PPP Proceed Usage:
On the PPP application, Sequachee Valley Electric Coop, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,410,600
- Health Care: $248,929
Business Information - Sequachee Valley Electric Coop, Inc in South Pittsburg, TN
512 S Cedar Ave
South Pittsburg, TN 37380
Electric Power Distribution
NAICS code 221122
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 1,214 businesses in the "Electric Power Distribution" industry received a total of $555.64M 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 26 employees, 68% lower than Sequachee Valley Electric Coop, Inc's reported 81 employees, and received an average PPP loan of $457,693, 72% lower than this company's loan of $1.66M.
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Footnotes & Information
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