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PPP Loan Data — Central Baptist Home For The Aged, Norridge, IL

SBA PPP loan data, payroll data, and salaries for Central Baptist Home For The Aged
IL Nonprofit Organization

Central Baptist Home For The Aged

Entity: Non-profit Organization

Industry: Other Residential Care Facilities

Location: Norridge, IL

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Central Baptist Home For The Aged is a non-profit organization located at 4747 N. Canfield Ave in Norridge, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,992,700.00 in April, 2020.

$ PPP Loan Information
Loan #9198247002

Loan Size:

$1.99M

Jobs Retained:

241

Loan Approved:

2020-04-09

Loan Status:

Paid in Full or Forgiven

Lender:

BMO Harris Bank National Association

Central Baptist Home For The Aged in Norridge, IL received a Paycheck Protection Loan of $1.99M through BMO Harris Bank National Association, which was approved in April, 2020.

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 June, 2021.

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, Central Baptist Home For The Aged's 2019 payroll expenses are estimated to be at least $9.56M.

Based on their reported 241 jobs retained, this equals an estimated average yearly compensation of $39,689 per employee1

Reported PPP Proceed Usage:

On the PPP application, Central Baptist Home For The Aged reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,992,700

Business Information - Central Baptist Home For The Aged in Norridge, IL

Central Baptist Home For The Aged
4747 N. Canfield Ave
Norridge, IL 60706

Business Industry:
Other Residential Care Facilities
NAICS code 623990

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

Cook County, IL — SBA Office 0507 — Congressional District: IL-05

Similar Companies near Norridge

In the Norridge area, 2 businesses in the "Other Residential Care Facilities" industry received a PPP loan. These local businesses reported an average of 143 employees (compared to this company's 241) and received an average PPP loan of $1,053,350 (compared to this company's $1.99M).

Similar Nearby Businesses Who Received PPP Funding:

Best Care For You Inc
Norridge, IL

$114,000 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 4,850 businesses in the "Other Residential Care Facilities" industry received a total of $891.17M 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 26 employees, 89% lower than Central Baptist Home For The Aged's reported 241 employees, and received an average PPP loan of $183,746, 91% lower than this company's loan of $1.99M.

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/central-baptist-home-for-the-aged-norridge-il