PPP Loan Data — Covenant Life Church, Cary, NC
Covenant Life Church is a non-profit organization located at 305 Ashville Ave Ste A in Cary, North Carolina that received a Coronavirus-related PPP loan from the SBA of $25,289.00 in March, 2021.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Covenant Life Church in Cary, NC received a Paycheck Protection Loan of $25,289 through Truist Bank d/b/a Branch Banking & Trust Co, 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 October, 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 More
Understanding 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 More
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 Life Church's 2019 payroll expenses are estimated to be at least $121,387.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $20,231 per employee1
Reported PPP Proceed Usage:
On the PPP application, Covenant Life Church reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,288
Business Information - Covenant Life Church in Cary, NC
305 Ashville Ave Ste A
Cary, NC 27518
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 Cary
In the Cary area, 19 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 13 employees (compared to this company's 6) and received an average PPP loan of $82,937 (compared to this company's $25,289).
Similar Nearby Businesses Who Received PPP Funding:
Good Hope Baptist Church Of Morrisville North Carolina
The Lewis Leadership Group, LLC
Church Of The Holy Family
Chapel Hill, NC
Coptic Orthodox Church Of Archangel
Chapel Hill, NC
Pleasant Grove Church, Inc
Resurrection Lutheran Church
Triangle Church Of Christ
Chapel Hill, NC
Cornerstone Presbyterian Church
Industry PPP Comparison Statistics
Nationwide, 122,670 businesses in the "Religious Organizations" industry received a total of $9.25B 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, 100% higher than Covenant Life Church's reported 6 employees, and received an average PPP loan of $75,418, 198% higher than this company's loan of $25,289.
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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