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PPP Loan Data — Childrens Literacy Initiative,
Philadelphia, PA
Childrens Literacy Initiative
Entity: Sole Proprietorship
Industry: Educational Support Services
Location: Philadelphia, PA
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Childrens Literacy Initiative is a sole proprietorship located at 990 Spring Garden St 990 Spring Garden St in Philadelphia, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.
$
PPP Loan Information
Loan #4821308602
Loan Size:
Jobs Retained:
205Loan Approved:
2021-03-20Loan Status:
Paid in Full or ForgivenLender:
PNC Bank, National AssociationChildrens Literacy Initiative in Philadelphia, PA received a Paycheck Protection Loan of $2M through PNC Bank, National Association, which was approved in March, 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 April, 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 MoreUnderstanding 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 MoreBased 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, Childrens Literacy Initiative's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 205 jobs retained, this equals an estimated average yearly compensation of $46,829 per employee1
Reported PPP Proceed Usage:
On the PPP application, Childrens Literacy Initiative reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
Business Information - Childrens Literacy Initiative in Philadelphia, PA
990 Spring Garden St 990 Spring Garden St
Philadelphia, PA 19123
Business Industry:
Educational Support Services
NAICS code 611710
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: Y
Rural / Urban: Urban
Similar Companies near Philadelphia
In the Philadelphia area, 15 businesses in the "Educational Support Services" industry received a PPP loan. These local businesses reported an average of 44 employees (compared to this company's 205) and received an average PPP loan of $537,034 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Leaders Academy Inc
Philadelphia, PA
Steppingstone Scholars Inc
Philadelphia, PA
The Tachs Farm
Philadelphia, PA
Education Plus Health
Philadelphia, PA
12 Plus
Philadelphia, PA
Teach LLC
Philadelphia, PA
Career Starters
Philadelphia, PA
Dennyza Colon Dejesus
Philadelphia, PA
Industry PPP Comparison Statistics
Nationwide, 38,218 businesses in the "Educational Support Services" industry received a total of $2.32B 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 7 employees, 97% lower than Childrens Literacy Initiative's reported 205 employees, and received an average PPP loan of $60,661, 97% lower than this company's loan of $2M.
Children's Literacy Initiative
Entity: Sole Proprietorship
Industry: Educational Support Services
Location: Philadelphia, PA
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Children's Literacy Initiative is a sole proprietorship located at 990 Spring Garden Street Suite 4a in Philadelphia, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $4,448,600.00 in April, 2020.
$
PPP Loan Information
Loan #9968617101
Loan Size:
Jobs Retained:
250Loan Approved:
2020-04-15Loan Status:
Paid in Full or ForgivenLender:
PNC Bank, National AssociationChildren's Literacy Initiative in Philadelphia, PA received a Paycheck Protection Loan of $4.45M through PNC 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 September, 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 MoreUnderstanding 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 MoreBased 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, Children's Literacy Initiative's 2019 payroll expenses are estimated to be at least $21.35M.
Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $85,413 per employee1
Reported PPP Proceed Usage:
On the PPP application, Children's Literacy Initiative reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,448,600
Business Information - Children's Literacy Initiative in Philadelphia, PA
990 Spring Garden Street Suite 4a
Philadelphia, PA 19123
Business Industry:
Educational Support Services
NAICS code 611710
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age:
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Philadelphia
In the Philadelphia area, 15 businesses in the "Educational Support Services" industry received a PPP loan. These local businesses reported an average of 44 employees (compared to this company's 250) and received an average PPP loan of $537,034 (compared to this company's $4.45M).
Similar Nearby Businesses Who Received PPP Funding:
Leaders Academy Inc
Philadelphia, PA
Steppingstone Scholars Inc
Philadelphia, PA
The Tachs Farm
Philadelphia, PA
Education Plus Health
Philadelphia, PA
12 Plus
Philadelphia, PA
Teach LLC
Philadelphia, PA
Career Starters
Philadelphia, PA
Dennyza Colon Dejesus
Philadelphia, PA
Industry PPP Comparison Statistics
Nationwide, 38,218 businesses in the "Educational Support Services" industry received a total of $2.32B 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 7 employees, 97% lower than Children's Literacy Initiative's reported 250 employees, and received an average PPP loan of $60,661, 99% lower than this company's loan of $4.45M.
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.
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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