PPP Loan Data — Spellman High Voltage Corp, Hauppauge, NY
Spellman High Voltage Corp
Location: Hauppauge, NYTweet This • Search All PPP Data
Spellman High Voltage Corp is a corporation located at 475 Wireless Blvd in Hauppauge, New York that received a Coronavirus-related PPP loan from the SBA of $6,760,227.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:HSBC Bank USA, National Association
Spellman High Voltage Corp in Hauppauge, NY received a Paycheck Protection Loan of $6.76M through HSBC Bank USA, National Association, which was approved in April, 2020.
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
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, Spellman High Voltage Corp's 2019 payroll expenses are estimated to be at least $32.45M.
Based on their reported 386 jobs retained, this equals an estimated average yearly compensation of $84,065 per employee1
Reported PPP Proceed Usage:
On the PPP application, Spellman High Voltage Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $6,760,227
Business Information - Spellman High Voltage Corp in Hauppauge, NY
475 Wireless Blvd
Hauppauge, NY 11788
Power, Distribution, and Specialty Transformer Manufacturing
NAICS code 335311
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Hauppauge
In the Hauppauge area, 2 businesses in the "Power, Distribution, and Specialty Transformer Manufacturing" industry received a PPP loan. These local businesses reported an average of 205 employees (compared to this company's 386) and received an average PPP loan of $3,533,317 (compared to this company's $6.76M).
Similar Nearby Businesses Who Received PPP Funding:
Spectron Glass And Electronics Inc
Industry PPP Comparison Statistics
Nationwide, 422 businesses in the "Power, Distribution, and Specialty Transformer Manufacturing" industry received a total of $162.63M 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 31 employees, 92% lower than Spellman High Voltage Corp's reported 386 employees, and received an average PPP loan of $385,384, 94% lower than this company's loan of $6.76M.
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Footnotes & Information
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