Alvernia University in Reading, PA - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Alvernia University, Reading, PA

Alvernia University

Entity: Corporation

Industry: Administration of Education Programs

Location: Reading, PA

Alvernia University is a corporation located at 400 Saint Bernardine Street in Reading, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $5,922,689.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$5.92M

Jobs Retained:

431

Loan Approved:

2020-04-28

Lender:

FULTON BANK, NATIONAL ASSOCIATION

Alvernia University in Reading, PA received a Paycheck Protection Loan of $5.92M through FULTON BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Alvernia University's total 2019 payroll expenses were approximately $28.43M in order to qualify for the PPP loan amount received.

Based on their reported 431 jobs retained, this equals an estimated average yearly compensation of $65,960 per employee¹.

Because the loan received by Alvernia University 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 - Alvernia University in Reading, PA

Alvernia University
400 Saint Bernardine Street
Reading, PA 19607

Business Industry

Administration of Education Programs (NAICS code 923110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: PA-06

Industry PPP Comparison Statistics

Nationwide, 1,112 businesses in the "Administration of Education Programs" industry received a total of $201,705,276.00 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 16 employees, 96% lower than Alvernia University's reported 431 employees, and received an average PPP loan of $181,390, 97% lower than this company's loan of $5.92M.

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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