PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Wiretech Electric Corp, Long Island City, NY

ALERT: There are 2 PPP loans for a total of $543,671 in our database for businesses with the name "Wiretech Electric Corp" in Long Island City, NY. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

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

Wiretech Electric Corp

Entity: Subchapter S Corporation

Industry: Electrical Contractors and Other Wiring Installation Contractors

Location: Long Island City, NY

Search All PPP Data

Wiretech Electric Corp is a subchapter s corporation located at 1111 44th Dr 2nd Floor Office 4 in Long Island City, New York that received a Coronavirus-related PPP loan from the SBA of $250,456.00 in January, 2021.

The company has reported itself as a White male owned business, and employed at least 22 people during the applicable loan loan period.

$ PPP Loan Information
Loan #2303328304

Loan Size:

$250,456

Jobs Retained:

22

Loan Approved:

2021-01-20

Loan Status:

Ongoing Loan

Lender:

Alpine Capital Bank

Wiretech Electric Corp in Long Island City, NY received a Paycheck Protection Loan of $250,456 through Alpine Capital Bank, which was approved in January, 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 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, Wiretech Electric Corp's 2019 payroll expenses are estimated to be at least $1.2M.

Based on their reported 22 jobs retained, this equals an estimated average yearly compensation of $54,645 per employee1

Reported PPP Proceed Usage:

On the PPP application, Wiretech Electric Corp reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $250,451
  • Utilities: $1

Business Information - Wiretech Electric Corp in Long Island City, NY

Wiretech Electric Corp
1111 44th Dr 2nd Floor Office 4
Long Island City, NY 11101

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Urban

Queens County, NY — SBA Office 0202 — Congressional District: NY-12

Similar Companies near Long Island City

In the Long Island City area, 101 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 22) and received an average PPP loan of $604,875 (compared to this company's $250,456).

Industry PPP Comparison Statistics

Nationwide, 82,857 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.78B 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, 50% lower than Wiretech Electric Corp's reported 22 employees, and received an average PPP loan of $142,175, 43% lower than this company's loan of $250,456.

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

Wiretech Electric Corp

Entity: Subchapter S Corporation

Industry: Electrical Contractors and Other Wiring Installation Contractors

Location: Long Island City, NY

Search All PPP Data

Wiretech Electric Corp is a subchapter s corporation located at 1111 44th Dr 2nd Floor Office 4 in Long Island City, New York that received a Coronavirus-related PPP loan from the SBA of $293,215.00 in May, 2020.

The company has reported itself as a White male owned business, and employed at least 29 people during the applicable loan loan period.

$ PPP Loan Information
Loan #2084077402

Loan Size:

$293,215

Jobs Retained:

29

Loan Approved:

2020-05-05

Loan Status:

Paid in Full or Forgiven

Lender:

Alpine Capital Bank

Wiretech Electric Corp in Long Island City, NY received a Paycheck Protection Loan of $293,215 through Alpine Capital Bank, 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 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, Wiretech Electric Corp's 2019 payroll expenses are estimated to be at least $1.41M.

Based on their reported 29 jobs retained, this equals an estimated average yearly compensation of $48,532 per employee1

Reported PPP Proceed Usage:

On the PPP application, Wiretech Electric Corp reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $293,215

Business Information - Wiretech Electric Corp in Long Island City, NY

Wiretech Electric Corp
1111 44th Dr 2nd Floor Office 4
Long Island City, NY 11101

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Queens County, NY — SBA Office 0202 — Congressional District: NY-12

Similar Companies near Long Island City

In the Long Island City area, 101 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 29) and received an average PPP loan of $604,875 (compared to this company's $293,215).

Industry PPP Comparison Statistics

Nationwide, 82,857 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.78B 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, 62% lower than Wiretech Electric Corp's reported 29 employees, and received an average PPP loan of $142,175, 52% lower than this company's loan of $293,215.

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.

Search FederalPay's Full PPP Loan Database

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/wiretech-electric-corp-long-island-city-ny