PPP Loan Data — Evangelical Covenant Church, Chicago, IL
Evangelical Covenant Church is a non-profit organization located at 8303 West Higgins Rd in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,775,900.00 in May, 2020.
$ PPP Loan Information
Evangelical Covenant Church received a Paycheck Protection Loan of $1.78M through UNION BANK, which was approved in May, 2020.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 0.
Based on standard PPP eligibility rules, Evangelical Covenant Church's total 2019 payroll expenses were approximately $8.52M in order to qualify for the PPP loan amount received.
Based on their reported 96 jobs retained, this equals an estimated average yearly compensation of $88,795 per employee1.
Business Information - Evangelical Covenant Church in Chicago, IL
8303 West Higgins Rd
Chicago, IL 60631
Religious Organizations (NAICS code 813110)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: IL-09
Similar Companies near Chicago
In the Chicago area, 27 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 35 employees (compared to this company's 96) and received an average PPP loan of $441,837 (compared to this company's $1.78M).
Similar Nearby Businesses Who Received PPP Funding:
Windy City Community Church Inc
Holy Resurrection Serbian Orthodox Drive
Eden United Church Of Christ
St Richards Church
Redeemer Of Calvary United Methodist Church
St Thomas Orthodox Church
Immaculate Conception Parish
Our Lady Of Fatima 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, 89% lower than Evangelical Covenant Church's reported 96 employees, and received an average PPP loan of $80,782, 95% lower than this company's loan of $1.78M.
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. 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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