Claflin University in Orangeburg, SC - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Claflin University, Orangeburg, SC

Claflin University

Entity: Corporation

Industry: Colleges, Universities, and Professional Schools

Location: Orangeburg, SC

Claflin University is a corporation located at 400 Magnolia St in Orangeburg, South Carolina that received a Coronavirus-related PPP loan from the SBA of $4,777,181.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$4.78M

Jobs Retained:

450

Loan Approved:

2020-04-15

Lender:

BANK OF AMERICA, NATIONAL ASSOCIATION

Claflin University received a Paycheck Protection Loan of $4.78M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Claflin University's total 2019 payroll expenses were approximately $22.93M in order to qualify for the PPP loan amount received.

Based on their reported 450 jobs retained, this equals an estimated average yearly compensation of $50,957 per employee¹.

Because the loan received by Claflin University 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 - Claflin University in Orangeburg, SC

Claflin University
400 Magnolia St
Orangeburg, SC 29115

Business Industry

Colleges, Universities, and Professional Schools (NAICS code 611310)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: SC-06

Industry PPP Comparison Statistics

Nationwide, 2,077 businesses in the "Colleges, Universities, and Professional Schools" industry received a total of $1,723,864,433.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 86 employees, 81% lower than Claflin University's reported 450 employees, and received an average PPP loan of $829,978, 83% lower than this company's loan of $4.78M.

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.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. 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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