Diocese Of Covington in Covington, KY - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Diocese Of Covington, Covington, KY

Diocese Of Covington

Entity: Corporation

Industry: Religious Organizations

Location: Covington, KY

Diocese Of Covington is a corporation located at 1125 Madison Avenue in Covington, Kentucky that received a Coronavirus-related PPP loan from the SBA of $10,000,000.00 in April, 2020.

$ PPP Loan Information
Loan #2484477207

Loan Size:

$10M

Jobs Retained:

500

Loan Approved:

2020-04-16

Loan Status:

Ongoing Loan

Lender:

U.S. Bank, National Association

Diocese Of Covington in Covington, KY received a Paycheck Protection Loan of $10M through U.S. Bank, National Association, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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.

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.

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, Diocese Of Covington's 2019 payroll expenses are estimated to be at least $48M.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $96,000 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Diocese Of Covington reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $10,000,000

Because the loan received by Diocese Of Covington 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 - Diocese Of Covington in Covington, KY

Diocese Of Covington
1125 Madison Avenue
Covington, KY 41011

Business Industry:
Religious Organizations
NAICS code 813110

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Kenton County, KY — SBA Office 0457 — Congressional District: KY-04

Similar Companies near Covington

In the Covington area, 10 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 54 employees (compared to this company's 500) and received an average PPP loan of $1,019,249 (compared to this company's $10M).

Similar Nearby Businesses Who Received PPP Funding:

Madison Ave Christian Church
Covington, KY

$29,700 PPP Loan

Trinity Church, Inc
Covington, KY

$63,976 PPP Loan

Notre Dame Urban Edu Cntr Inc
Covington, KY

$34,330 PPP Loan

First Christian Church
Covington, KY

$18,490 PPP Loan

First Baptist Church
Covington, KY

$8,571 PPP Loan

South Side Baptist Church
Covington, KY

$10,737 PPP Loan

Lawrenceville Baptist Church
Corinth, KY

$9,600 PPP Loan

New Columbus Baptist Church
Corinth, KY

$5,446 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 116,924 businesses in the "Religious Organizations" industry received a total of $9.01B 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 13 employees, 97% lower than Diocese Of Covington's reported 500 employees, and received an average PPP loan of $77,043, 99% lower than this company's loan of $10M.

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.

Search FederalPay's Full PPP Loan Database

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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