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PPP Loan Data — Verde Electric Corp., Mount Vernon, NY

SBA PPP loan data, payroll data, and salaries for Verde Electric Corp.
NY

Verde Electric Corp.

Entity: Corporation

Industry: Electrical Contractors and Other Wiring Installation Contractors

Location: Mount Vernon, NY

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Verde Electric Corp. is a corporation located at 89 Edison Ave in Mount Vernon, New York that received a Coronavirus-related PPP loan from the SBA of $6,383,400.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$6.38M

Jobs Retained:

0 Unreported

Loan Approved:

2020-04-05

Lender:

PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION

Verde Electric Corp. in Mount Vernon, NY received a Paycheck Protection Loan of $6.38M through PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Verde Electric Corp.'s total 2019 payroll expenses were approximately $30.64M in order to qualify for the PPP loan amount received.

Unlike most businesses, Verde Electric Corp.'s PPP data does not report the number of jobs retained by their receipt of the Paycheck Protection Loan (some banks did not release this infomation from their loan applications). Without this data, per-employee payrolls for this company cannot be estimated.

Because the loan received by Verde Electric Corp. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Verde Electric Corp. in Mount Vernon, NY

Verde Electric Corp.
89 Edison Ave
Mount Vernon, NY 10550

Business Industry

Electrical Contractors and Other Wiring Installation Contractors (NAICS code 238210)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NY-16

Similar Companies near Mount Vernon

In the Mount Vernon area, 8 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 0) and received an average PPP loan of $987,722 (compared to this company's $6.38M).

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, and received an average PPP loan of $181,171, 97% lower than this company's loan of $6.38M.

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, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/verde-electric-corp-mount-vernon-ny