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PPP Loan Data — Vision Enterprises Of Queens Inc, Westbury, NY

SBA PPP loan data, payroll data, and salaries for Vision Enterprises Of Queens Inc
NY

Vision Enterprises Of Queens Inc

Entity: Subchapter S Corporation

Industry: Glass and Glazing Contractors

Location: Westbury, NY

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Vision Enterprises Of Queens Inc is a subchapter s corporation located at 625 Main Street in Westbury, New York that received a Coronavirus-related PPP loan from the SBA of $1,818,620.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 66 people during the applicable loan loan period.

$ PPP Loan Information Loan #1277367103

Loan Size:

$1.82M
Likely Employment Reduction3

Jobs Retained:

66

Loan Approved:

2020-04-10

Loan Status:

Ongoing Loan

Lender:

TD Bank, National Association

Vision Enterprises Of Queens Inc in Westbury, NY received a Paycheck Protection Loan of $1.82M through TD Bank, National Association, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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 66 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 87. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Vision Enterprises Of Queens Inc's 2019 payroll expenses are estimated to be at least $8.73M (not accounting for salary amounts > $100k).

Because the 66 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Vision Enterprises Of Queens Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,818,620

Business Information - Vision Enterprises Of Queens Inc in Westbury, NY

Vision Enterprises Of Queens Inc
625 Main Street
Westbury, NY 11590

Business Industry:
Glass and Glazing Contractors
NAICS code 238150

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Nassau County, NY — SBA Office 0235 — Congressional District: NY-04

Similar Companies near Westbury

In the Westbury area, 7 businesses in the "Glass and Glazing Contractors" industry received a PPP loan. These local businesses reported an average of 56 employees (compared to this company's 66) and received an average PPP loan of $892,989 (compared to this company's $1.82M).

Industry PPP Comparison Statistics

Nationwide, 6,720 businesses in the "Glass and Glazing Contractors" industry received a total of $1,028,495,872.00 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 13 employees, 80% lower than Vision Enterprises Of Queens Inc's reported 66 employees, and received an average PPP loan of $153,050, 92% lower than this company's loan of $1.82M.

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, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

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Footnotes & Information

1. Estimations for informational purposes only. 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.

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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Source: www.federalpay.org/paycheck-protection-program/vision-enterprises-of-queens-inc-westbury-ny