PPP Loan Data — TAP Electrical Contracting Service Inc, Holbrook, NY
TAP Electrical Contracting Service Inc
Entity: Subchapter S Corporation
Location: Holbrook, NYTweet This • Search All PPP Data
TAP Electrical Contracting Service Inc is a subchapter s corporation located at 926 Lincoln Ave in Holbrook, New York that received a Coronavirus-related PPP loan from the SBA of $1,636,500.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Dime Community Bank
TAP Electrical Contracting Service Inc in Holbrook, NY received a Paycheck Protection Loan of $1.64M through Dime Community Bank, which was approved in April, 2020.
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, TAP Electrical Contracting Service Inc's 2019 payroll expenses are estimated to be at least $7.86M.
Based on their reported 91 jobs retained, this equals an estimated average yearly compensation of $86,321 per employee1
Reported PPP Proceed Usage:
On the PPP application, TAP Electrical Contracting Service Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,310,000
- Rent: $326,500
Business Information - TAP Electrical Contracting Service Inc in Holbrook, NY
926 Lincoln Ave
Holbrook, NY 11741
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Holbrook
In the Holbrook area, 19 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 25 employees (compared to this company's 91) and received an average PPP loan of $380,662 (compared to this company's $1.64M).
Similar Nearby Businesses Who Received PPP Funding:
Forte Construction Corp
Care Electrical Contractor Inc
TAP Metro Electric LLC
A-Team Electric Inc
Charles M. Dwyer Inc
Flanagan Electric Corp
Hart Electric Inc-Sba Small 7A Term
A. M. I. Lock And Alarm Service Inc
Industry PPP Comparison Statistics
Nationwide, 82,626 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.77B 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, 88% lower than TAP Electrical Contracting Service Inc's reported 91 employees, and received an average PPP loan of $142,494, 91% lower than this company's loan of $1.64M.
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