PPP Loan Data — Ullman Electric Company, Cleveland, OH
Ullman Electric Company
Entity: Subchapter S Corporation
Location: Cleveland, OHTweet This • Search All PPP Data
Ullman Electric Company is a subchapter s corporation located at 3901 Chester Ave in Cleveland, Ohio that received a Coronavirus-related PPP loan from the SBA of $3,523,300.00 in April, 2020.
$ PPP Loan Information
Lender:KEYBANK NATIONAL ASSOCIATION
Ullman Electric Company in Cleveland, OH received a Paycheck Protection Loan of $3.52M through KEYBANK 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 162 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 169.
Based on standard PPP eligibility rules, Ullman Electric Company's total 2019 payroll expenses were approximately $16.91M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 162 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Ullman Electric Company in Cleveland, OH
3901 Chester Ave
Cleveland, OH 44114
Electrical Contractors and Other Wiring Installation Contractors (NAICS code 238210)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: OH-11
Similar Companies near Cleveland
In the Cleveland area, 8 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 31 employees (compared to this company's 162) and received an average PPP loan of $714,533 (compared to this company's $3.52M).
Similar Nearby Businesses Who Received PPP Funding:
Electric Andy LLC
Drake Integrated Designs, LLC
Shannon Electric LLC
RWJ Wiring Inc
Proshow Sound LLC
Prospect Electric LLC
Harrington Electric Co.
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, 93% lower than Ullman Electric Company's reported 162 employees, and received an average PPP loan of $181,171, 95% lower than this company's loan of $3.52M.
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.
Have FederalPay.org's open data tools been valuable? Consider donating!