IL Nonprofit Organization

Evangelical Covenant Church

Entity: Non-profit Organization

Industry: Religious Organizations

Location: Chicago, IL

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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

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).

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.