PPP Loan Data — TEC Electric LLC, Charlotte, NC
TEC Electric LLC
Entity: Limited Liability Company (LLC)
Location: Charlotte, NCTweet This • Search All PPP Data
TEC Electric LLC is a limited liability company (LLC) located at 1801 Cross Beam Dr in Charlotte, North Carolina that received a Coronavirus-related PPP loan from the SBA of $47,532.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least fifteen people during the applicable loan loan period.
$ PPP Loan Information
Lender:FIRST HORIZON BANK
TEC Electric LLC received a Paycheck Protection Loan of $47,532 through FIRST HORIZON BANK, which was approved in April, 2020.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 0.
Based on standard PPP eligibility rules, TEC Electric LLC's total 2019 payroll expenses were approximately $228,154 in order to qualify for the PPP loan amount received.
Based on their reported 15 jobs retained, this equals an estimated average yearly compensation of $15,210 per employee1.
Business Information - TEC Electric LLC in Charlotte, NC
1801 Cross Beam Dr
Charlotte, NC 28217
Electrical Contractors and Other Wiring Installation Contractors (NAICS code 238210)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: UnreportedCongressional District: NC-12
Similar Companies near Charlotte
In the Charlotte area, 12 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 33 employees (compared to this company's 15) and received an average PPP loan of $470,077 (compared to this company's $47,532).
Similar Nearby Businesses Who Received PPP Funding:
Honesty Electric LLC
Howard Brothers Electric Of Clt, LLC
A-1 Electric Co. Of Charlotte, Inc.
Vision Electric Inc
Horne Electric Company, Inc.
Viva Electric LLC
Attaway Services Carolina Inc.
Industrial Electric Company Of Charlotte, The
LOC Doc Inc
Industry PPP Comparison Statistics
Nationwide, 44,489 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $8,060,101,877.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 12 employees, 20% lower than TEC Electric LLC's reported 15 employees, and received an average PPP loan of $181,171, 281% higher than this company's loan of $47,532.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.
All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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