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PPP Loan Data — Westpoint Construction Inc,
Elmsford, NY
Westpoint Construction Inc
Entity: Subchapter S Corporation
Industry: Commercial and Institutional Building Construction
Location: Elmsford, NY
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Westpoint Construction Inc is a subchapter s corporation located at 54 N Central Ave in Elmsford, New York that received a Coronavirus-related PPP loan from the SBA of $100,987.00 in March, 2021.
$
PPP Loan Information
Loan #6664368505
Loan Size:
Jobs Retained:
7Loan Approved:
2021-03-04Loan Status:
Ongoing LoanLender:
JPMorgan Chase Bank, National AssociationWestpoint Construction Inc in Elmsford, NY received a Paycheck Protection Loan of $100,987 through JPMorgan Chase Bank, National Association, which was approved in March, 2021.
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.
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 MoreUnderstanding 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 MoreBased 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, Westpoint Construction Inc's 2019 payroll expenses are estimated to be at least $484,738.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $69,248 per employee1
Reported PPP Proceed Usage:
On the PPP application, Westpoint Construction Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $100,987
Business Information - Westpoint Construction Inc in Elmsford, NY
54 N Central Ave
Elmsford, NY 10523
Business Industry:
Commercial and Institutional Building Construction
NAICS code 236220
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as Westpoint Construction Inc.
Ronny Reliable's Cleaning Co Inc
Janitorial Services
Similar Companies near Elmsford
In the Elmsford area, 11 businesses in the "Commercial and Institutional Building Construction" industry received a PPP loan. These local businesses reported an average of 11 employees (compared to this company's 7) and received an average PPP loan of $125,011 (compared to this company's $100,987).
Similar Nearby Businesses Who Received PPP Funding:
DNS Contracting NYC Inc
Elmsford, NY
US Stone Setting Inc
Elmsford, NY
SAS Construction Services Inc
Elmsford, NY
DSF Concrete Inc. 1 Bayberry Road Elmsford NY 10523
Elmsford, NY
SEP Contracting & Restoration Inc
Dobbs Ferry, NY
Ross & Associates, LLC
Dobbs Ferry, NY
Cortese Construction
Dobbs Ferry, NY
Dolphin Construction Management LLC
Elmsford, NY
Industry PPP Comparison Statistics
Nationwide, 77,396 businesses in the "Commercial and Institutional Building Construction" industry received a total of $12.37B 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 12 employees, 71% higher than Westpoint Construction Inc's reported 7 employees, and received an average PPP loan of $159,889, 58% higher than this company's loan of $100,987.
Westpoint Construction, Inc
Entity: Subchapter S Corporation
Industry: New Single-Family Housing Construction (except For-Sale Builders)
Location: Elmsford, NY
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Westpoint Construction, Inc is a subchapter s corporation located at 54 N Central Ave in Elmsford, New York that received a Coronavirus-related PPP loan from the SBA of $143,237.00 in May, 2020.
$
PPP Loan Information
Loan #1022917710
Loan Size:
Jobs Retained:
7Loan Approved:
2020-05-01Loan Status:
Paid in Full or ForgivenLender:
JPMorgan Chase Bank, National AssociationWestpoint Construction, Inc in Elmsford, NY received a Paycheck Protection Loan of $143,237 through JPMorgan Chase Bank, 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.
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 MoreUnderstanding 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 MoreBased 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, Westpoint Construction, Inc's 2019 payroll expenses are estimated to be at least $687,538.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $98,220 per employee1
Reported PPP Proceed Usage:
On the PPP application, Westpoint Construction, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $143,237
Business Information - Westpoint Construction, Inc in Elmsford, NY
54 N Central Ave
Elmsford, NY 10523
Business Industry:
New Single-Family Housing Construction (except For-Sale Builders)
NAICS code 236115
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as Westpoint Construction, Inc.
Ronny Reliable's Cleaning Co Inc
Janitorial Services
Similar Companies near Elmsford
In the Elmsford area, 13 businesses in the "New Single-Family Housing Construction (except For-Sale Builders)" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 7) and received an average PPP loan of $66,156 (compared to this company's $143,237).
Similar Nearby Businesses Who Received PPP Funding:
Polhemus Construction Co Inc
Garrison, NY
Giorgio Construction Inc
Ardsley, NY
Hudson Valley Custom Homes Inc
Garrison, NY
Keiling Construction Inc
Dobbs Ferry, NY
Mortelliti Contractors, Inc
Elmsford, NY
Adrian Strynowicz
Elmsford, NY
Frederick Miller
Elmsford, NY
Cortese Construction, Inc
Dobbs Ferry, NY
Industry PPP Comparison Statistics
Nationwide, 125,433 businesses in the "New Single-Family Housing Construction (except For-Sale Builders)" industry received a total of $5.71B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 5 employees, 29% lower than Westpoint Construction, Inc's reported 7 employees, and received an average PPP loan of $45,486, 68% lower than this company's loan of $143,237.
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.
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.
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