PPP Loan Data — Elevation Church, Matthews, NC
Elevation Church is a non-profit organization located at 11416 E Independence Blvd in Matthews, North Carolina that received a Coronavirus-related PPP loan from the SBA of $3,656,700.00 in April, 2020.
$ PPP Loan Information
Lender:TRUIST BANK D/B/A BRANCH BANKING & TRUST CO
Elevation Church in Matthews, NC received a Paycheck Protection Loan of $3.66M through TRUIST BANK D/B/A BRANCH BANKING & TRUST CO, which was approved in April, 2020.
Based on standard PPP eligibility rules, Elevation Church's total 2019 payroll expenses were approximately $17.55M in order to qualify for the PPP loan amount received.
Based on their reported 377 jobs retained, this equals an estimated average yearly compensation of $46,557 per employee1.
Business Information - Elevation Church in Matthews, NC
11416 E Independence Blvd
Matthews, NC 28105
Religious Organizations (NAICS code 813110)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: NC-09
Similar Companies near Matthews
In the Matthews area, 27 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 28 employees (compared to this company's 377) and received an average PPP loan of $234,327 (compared to this company's $3.66M).
Similar Nearby Businesses Who Received PPP Funding:
Mount Moriah Missionary Baptist Church, Inc.
Bethany Church Inc.
Next Level Church
Charlotte Harmony Korean Church
Abundant Life Church International
Trinity Fellowship Church
Greater Life Church Ministries, Inc
Bible Baptist Church Of Charlotte, Inc.
Truelife Fellowship Church
Industry PPP Comparison Statistics
Nationwide, 90,482 businesses in the "Religious Organizations" industry received a total of $7,309,297,472.00 in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 11 employees, 97% lower than Elevation Church's reported 377 employees, and received an average PPP loan of $80,782, 98% lower than this company's loan of $3.66M.
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, and is published unmodified, as provided by the SBA.
Footnotes & Information
1. 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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