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PPP Loan Data — Baywoods Cooperative Housing Corporation, Annapolis, MD

SBA PPP loan data, payroll data, and salaries for Baywoods Cooperative Housing Corporation
MD Nonprofit Organization

Baywoods Cooperative Housing Corporation

Entity: Non-profit Organization

Industry: Continuing Care Retirement Communities

Location: Annapolis, MD

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Baywoods Cooperative Housing Corporation is a non-profit organization located at 7101 Bay Front Dr in Annapolis, Maryland that received a Coronavirus-related PPP loan from the SBA of $2,602,242.00 in April, 2020.

$ PPP Loan Information
Loan #8329887209

Loan Size:

$2.6M

Jobs Retained:

173

Loan Approved:

2020-04-28

Loan Status:

Ongoing Loan

Lender:

National Cooperative Bank, National Association

Baywoods Cooperative Housing Corporation in Annapolis, MD received a Paycheck Protection Loan of $2.6M through National Cooperative Bank, National Association, which was approved in April, 2020.

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, Baywoods Cooperative Housing Corporation's 2019 payroll expenses are estimated to be at least $12.49M.

Based on their reported 173 jobs retained, this equals an estimated average yearly compensation of $72,201 per employee1

Reported PPP Proceed Usage:

On the PPP application, Baywoods Cooperative Housing Corporation reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,602,242
Because the loan received by Baywoods Cooperative Housing Corporation 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 - Baywoods Cooperative Housing Corporation in Annapolis, MD

Baywoods Cooperative Housing Corporation
7101 Bay Front Dr
Annapolis, MD 21403

Business Industry:
Continuing Care Retirement Communities
NAICS code 623311

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

Anne Arundel County, MD — SBA Office 0373 — Congressional District: MD-03

Similar Companies near Annapolis

In the Annapolis area, 2 businesses in the "Continuing Care Retirement Communities" industry received a PPP loan. These local businesses reported an average of 114 employees (compared to this company's 173) and received an average PPP loan of $1,457,037 (compared to this company's $2.6M).

Similar Nearby Businesses Who Received PPP Funding:

Rose Hill Management Inc
Annapolis, MD

$311,832 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 2,585 businesses in the "Continuing Care Retirement Communities" industry received a total of $1.38B 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 76 employees, 56% lower than Baywoods Cooperative Housing Corporation's reported 173 employees, and received an average PPP loan of $533,357, 80% lower than this company's loan of $2.6M.

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.

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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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Source: www.federalpay.org/paycheck-protection-program/baywoods-cooperative-housing-corporation-annapolis-md