PPP Loan Data — Southland Electrical Supply, Burlington, NC
Southland Electrical Supply
Entity: Limited Liability Company (LLC)
Industry: Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers
Location: Burlington, NCTweet This • Search All PPP Data
Southland Electrical Supply is a limited liability company (LLC) located at 147 N Main St in Burlington, North Carolina that received a Coronavirus-related PPP loan from the SBA of $1,801,800.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Southland Electrical Supply in Burlington, NC received a Paycheck Protection Loan of $1.8M through Truist Bank d/b/a Branch Banking & Trust Co, 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 May, 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, Southland Electrical Supply's 2019 payroll expenses are estimated to be at least $8.65M.
Based on their reported 138 jobs retained, this equals an estimated average yearly compensation of $62,671 per employee1
Reported PPP Proceed Usage:
On the PPP application, Southland Electrical Supply reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,801,800
Business Information - Southland Electrical Supply in Burlington, NC
147 N Main St
Burlington, NC 27217
Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers
NAICS code 423610
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Burlington
In the Burlington area, 2 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 74 employees (compared to this company's 138) and received an average PPP loan of $958,360 (compared to this company's $1.8M).
Similar Nearby Businesses Who Received PPP Funding:
Dynamic Electric Supply Inc
Industry PPP Comparison Statistics
Nationwide, 7,686 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a total of $1.31B 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 14 employees, 90% lower than Southland Electrical Supply's reported 138 employees, and received an average PPP loan of $170,366, 91% lower than this company's loan of $1.8M.
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