PPP Loan Data — Varney, Inc, Roanoke, VA
Entity: Employee Stock Ownership Plan(esop)
Location: Roanoke, VATweet This • Search All PPP Data
Varney, Inc is an employee stock ownership plan(esop) located at 1401 Municipal Rd in Roanoke, Virginia that received a Coronavirus-related PPP loan from the SBA of $2,256,100.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First-Citizens Bank & Trust Company
Varney, Inc in Roanoke, VA received a Paycheck Protection Loan of $2.26M through First-Citizens Bank & Trust Company, 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, Varney, Inc's 2019 payroll expenses are estimated to be at least $10.83M.
Based on their reported 186 jobs retained, this equals an estimated average yearly compensation of $58,222 per employee1
Reported PPP Proceed Usage:
On the PPP application, Varney, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,256,100
Business Information - Varney, Inc in Roanoke, VA
1401 Municipal Rd
Roanoke, VA 24012
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Roanoke
In the Roanoke area, 7 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 41 employees (compared to this company's 186) and received an average PPP loan of $464,264 (compared to this company's $2.26M).
Similar Nearby Businesses Who Received PPP Funding:
Kegley Electric Company LLC
Ostrom Electrical Contracting Inc
South River Contracting Of Roanoke Inc
Lloyd Electric Co., Inc
F&Y Electric Company Inc
Patton Data Comm LLC
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, 94% lower than Varney, Inc's reported 186 employees, and received an average PPP loan of $142,494, 94% lower than this company's loan of $2.26M.
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Footnotes & Information
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