Another Chance is a sole proprietorship located at 20 in Newport News, Virginia that received a Coronavirus-related PPP loan from the SBA of $45,625.00 in January, 2021.

The company has reported itself as a Black or african american female owned business, and employed at least two people during the applicable loan loan period.

$ PPP Loan Information

Loan #5773198300

Another Chance in Newport News, VA received a Paycheck Protection Loan of $45,625 through Itria Ventures LLC, which was approved in January, 2021.

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 July, 2021.

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 2 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 2. 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

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, Another Chance's 2019 payroll expenses are estimated to be at least $219,000 (not accounting for salary amounts > $100k).

Because the 2 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, Another Chance reported intending to use the proceeds of their PPP loan for the following expenses:

• Payroll: $45,623
• Utilities: $1

Business Information - Another Chance in Newport News, VA

Similar Companies near Newport News

In the Newport News area, 25 businesses in the "Home Health Care Services" industry received a PPP loan. These local businesses reported an average of 32 employees (compared to this company's 2) and received an average PPP loan of $145,389 (compared to this company's $45,625).

Industry PPP Comparison Statistics

Nationwide, 87,627 businesses in the "Home Health Care Services" industry received a total of $7.58B 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 16 employees, 700% higher than Another Chance's reported 2 employees, and received an average PPP loan of $86,486, 90% higher than this company's loan of $45,625.