PPP Loan Data — Covenant Church, Carrollton, TX
Covenant Church is a non-profit organization located at 2644 E. Trinity Mills Rd. in Carrollton, Texas that received a Coronavirus-related PPP loan from the SBA of $1,835,800.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Covenant Church in Carrollton, TX received a Paycheck Protection Loan of $1.84M through Bank OZK, 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 May, 2021.
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, Covenant Church's 2019 payroll expenses are estimated to be at least $8.81M.
Based on their reported 142 jobs retained, this equals an estimated average yearly compensation of $62,055 per employee1
Reported PPP Proceed Usage:
On the PPP application, Covenant Church reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,835,800
Business Information - Covenant Church in Carrollton, TX
2644 E. Trinity Mills Rd.
Carrollton, TX 75006
NAICS code 813110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Carrollton
In the Carrollton area, 47 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 17 employees (compared to this company's 142) and received an average PPP loan of $144,732 (compared to this company's $1.84M).
Similar Nearby Businesses Who Received PPP Funding:
Regeneration Community Church
Redeemer Evangelical Covenant Church
Dallas Agape Mission Church
Bethel Bible Fellowship
Hanuri Korean Baptist Church Inc
St Sarkis Armenian Church Of Dallas-Ft W
Churches In Covenant International
Refuge Of Hope Peru
Holy Covenant United Methodist Church
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, 92% lower than Covenant Church's reported 142 employees, and received an average PPP loan of $75,298, 96% lower than this company's loan of $1.84M.
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Footnotes & Information
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