PPP Loan Data — Covenant Home, Northbrook, IL
Covenant Home is a non-profit organization located at 2625 Techny Rd in Northbrook, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,860,000.00 in April, 2020.
The company has reported itself as a male owned non-profit, and employed at least 312 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Covenant Home in Northbrook, IL received a Paycheck Protection Loan of $1.86M through Bank of America, 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 April, 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 Home's 2019 payroll expenses are estimated to be at least $8.93M.
Based on their reported 312 jobs retained, this equals an estimated average yearly compensation of $28,615 per employee1
Reported PPP Proceed Usage:
On the PPP application, Covenant Home reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,860,000
Business Information - Covenant Home in Northbrook, IL
2625 Techny Rd
Northbrook, IL 60062
Continuing Care Retirement Communities
NAICS code 623311
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Northbrook
In the Northbrook area, 3 businesses in the "Continuing Care Retirement Communities" industry received a PPP loan. These local businesses reported an average of 118 employees (compared to this company's 312) and received an average PPP loan of $687,719 (compared to this company's $1.86M).
Similar Nearby Businesses Who Received PPP Funding:
CRU Group Home, Inc
C R U Group Home Inc
Industry PPP Comparison Statistics
Nationwide, 2,718 businesses in the "Continuing Care Retirement Communities" industry received a total of $1.53B 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 77 employees, 75% lower than Covenant Home's reported 312 employees, and received an average PPP loan of $561,944, 70% lower than this company's loan of $1.86M.
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Footnotes & Information
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