PPP Loan Data — Ultimate Power Electric, Riverside, CA
Ultimate Power Electric
Entity: Sole Proprietorship
Location: Riverside, CATweet This • Search All PPP Data
Ultimate Power Electric is a sole proprietorship located in Riverside, California that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Ultimate Power Electric in Riverside, CA received a Paycheck Protection Loan of $25,000 through Bank of America, National Association, which was approved in May, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in April, 2021.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 1 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.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Reported PPP Proceed Usage:
On the PPP application, Ultimate Power Electric reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Ultimate Power Electric in Riverside, CA
* Full address is redacted to protect the privacy of individuals.
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Riverside
In the Riverside area, 27 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 13 employees (compared to this company's 1) and received an average PPP loan of $174,482 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
T And D Communications, Inc
Brett Wright Electric Inc
Energy Renovation Center
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, 1000% higher than Ultimate Power Electric's reported 1 employees, and received an average PPP loan of $142,494, 470% higher than this company's loan of $25,000.
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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