PPP Loan Data — Solo Electric, Inc, Port Charlotte, FL
Solo Electric, Inc
Entity: Subchapter S Corporation
Industry: Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
Location: Port Charlotte, FLTweet This • Search All PPP Data
Solo Electric, Inc is a subchapter s corporation located at 755 Merrick Lane Nw in Port Charlotte, Florida that received a Coronavirus-related PPP loan from the SBA of $25,300.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Solo Electric, Inc in Port Charlotte, FL received a Paycheck Protection Loan of $25,300 through Regions 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 February, 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, Solo Electric, Inc's 2019 payroll expenses are estimated to be at least $121,440.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,288 per employee1
Reported PPP Proceed Usage:
On the PPP application, Solo Electric, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,300
Business Information - Solo Electric, Inc in Port Charlotte, FL
755 Merrick Lane Nw
Port Charlotte, FL 33948
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
NAICS code 811310
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 22,310 businesses in the "Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance" industry received a total of $2.27B 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 9 employees, 80% higher than Solo Electric, Inc's reported 5 employees, and received an average PPP loan of $101,583, 302% higher than this company's loan of $25,300.
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Footnotes & Information
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