PPP Loan Data — Cornerstone Assembly Of God I, Danville, KY
Cornerstone Assembly Of God I is a non-profit organization located at 2035 Old Lexington Rd in Danville, Kentucky that received a Coronavirus-related PPP loan from the SBA of $25,200.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:PNC Bank, National Association
Cornerstone Assembly Of God I in Danville, KY received a Paycheck Protection Loan of $25,200 through PNC Bank, National Association, which was approved in May, 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, Cornerstone Assembly Of God I's 2019 payroll expenses are estimated to be at least $120,960.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,480 per employee1
Reported PPP Proceed Usage:
On the PPP application, Cornerstone Assembly Of God I reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,200
Business Information - Cornerstone Assembly Of God I in Danville, KY
2035 Old Lexington Rd
Danville, KY 40422
NAICS code 813110
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Danville
In the Danville area, 12 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 2) and received an average PPP loan of $45,764 (compared to this company's $25,200).
Similar Nearby Businesses Who Received PPP Funding:
The First Baptist Church Of Danville, Kentucky Inc
Our Savior Lutheran Church
The Calvary Baptist Church Of Boyle County, Kentucky, Inc
The Presbyterian Church Of Danville, Kentucky, Inc
Danville Montessori School, Inc
Lexington Avenue Baptist Church
First Christian Church Disciples Of Christ Danville
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, 500% higher than Cornerstone Assembly Of God I's reported 2 employees, and received an average PPP loan of $75,298, 199% higher than this company's loan of $25,200.
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Footnotes & Information
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