PPP Loan Data — Worldwide Electric Corporation, Rochester, NY
Worldwide Electric Corporation
Entity: Limited Liability Company (LLC)
Industry: Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers
Location: Rochester, NYTweet This • Search All PPP Data
Worldwide Electric Corporation is a limited liability company (LLC) located at 3540 Winton Place in Rochester, New York that received a Coronavirus-related PPP loan from the SBA of $2,164,846.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:KeyBank National Association
Worldwide Electric Corporation in Rochester, NY received a Paycheck Protection Loan of $2.16M through KeyBank National Association, 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, Worldwide Electric Corporation's 2019 payroll expenses are estimated to be at least $10.39M.
Based on their reported 125 jobs retained, this equals an estimated average yearly compensation of $83,130 per employee1
Reported PPP Proceed Usage:
On the PPP application, Worldwide Electric Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,164,846
Business Information - Worldwide Electric Corporation in Rochester, NY
3540 Winton Place
Rochester, NY 14623
Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers
NAICS code 423610
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Rochester
In the Rochester area, 4 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 103 employees (compared to this company's 125) and received an average PPP loan of $1,747,024 (compared to this company's $2.16M).
Similar Nearby Businesses Who Received PPP Funding:
Horizon Solutions LLC
Steve Davis Sales
Better Power Inc
Industry PPP Comparison Statistics
Nationwide, 7,686 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a total of $1.31B 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 14 employees, 89% lower than Worldwide Electric Corporation's reported 125 employees, and received an average PPP loan of $170,366, 92% lower than this company's loan of $2.16M.
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Footnotes & Information
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