PPP Loan Data — Blessed Hope Community Church, Vinton, IA
Blessed Hope Community Church is a non-profit organization located at 1509 S. M Avenue in Vinton, Iowa that received a Coronavirus-related PPP loan from the SBA of $25,300.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Farmers Savings Bank & Trust
Blessed Hope Community Church in Vinton, IA received a Paycheck Protection Loan of $25,300 through Farmers Savings Bank & Trust, 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, Blessed Hope Community Church's 2019 payroll expenses are estimated to be at least $121,440.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,360 per employee1
Reported PPP Proceed Usage:
On the PPP application, Blessed Hope Community Church reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $19,725
- Utilities: $3,075
- Mortgage Interest: $2,500
Business Information - Blessed Hope Community Church in Vinton, IA
1509 S. M Avenue
Vinton, IA 52349
NAICS code 813110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Vinton
In the Vinton area, 7 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 4) and received an average PPP loan of $20,374 (compared to this company's $25,300).
Similar Nearby Businesses Who Received PPP Funding:
Wesley United Methodist Church Of Vinton, Iowa
ST. Mary Church
The First Christian Church Of Vinton
Prairie Creek Christian Church
Trinity Evangelical Lutheran Church Of Vinton In Benton Coun
Presbyterian Church Of Vinton, Ia
Industry PPP Comparison Statistics
Nationwide, 123,083 businesses in the "Religious Organizations" industry received a total of $9.27B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 12 employees, 200% higher than Blessed Hope Community Church's reported 4 employees, and received an average PPP loan of $75,298, 198% higher than this company's loan of $25,300.
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Footnotes & Information
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