PPP Loan Data — The Loeb Electric Company, Columbus, OH
The Loeb Electric Company
Entity: Subchapter S Corporation
Industry: Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers
Location: Columbus, OHTweet This • Search All PPP Data
The Loeb Electric Company is a subchapter s corporation located at 1800 E. 5th Ave. in Columbus, Ohio that received a Coronavirus-related PPP loan from the SBA of $3,115,132.00 in April, 2020.
$ PPP Loan Information
Lender:JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
The Loeb Electric Company in Columbus, OH received a Paycheck Protection Loan of $3.12M through JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 55 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
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 150.
Based on standard PPP eligibility rules, The Loeb Electric Company's total 2019 payroll expenses were approximately $14.95M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 55 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - The Loeb Electric Company in Columbus, OH
1800 E. 5th Ave.
Columbus, OH 43219
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: OH-03
Industry PPP Comparison Statistics
Nationwide, 4,322 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a total of $994,969,830.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 15 employees, 73% lower than The Loeb Electric Company's reported 55 employees, and received an average PPP loan of $230,211, 93% lower than this company's loan of $3.12M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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