PPP Loan Data — Faith Christian Fellowship, Burleson, TX
Faith Christian Fellowship is a non-profit organization located at 506 Pleasant Manor Ave in Burleson, Texas that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First National Bank of Burleson
Faith Christian Fellowship in Burleson, TX received a Paycheck Protection Loan of $25,000 through First National Bank of Burleson, which was approved in April, 2020.
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 December, 2020.
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, Faith Christian Fellowship's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Faith Christian Fellowship reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Faith Christian Fellowship in Burleson, TX
506 Pleasant Manor Ave
Burleson, TX 76028
NAICS code 813110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Burleson
In the Burleson area, 23 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 2) and received an average PPP loan of $83,022 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Faith To Faith Ministries
Retta Baptist Church
First Christian Church Learning Center
Living Water Church Of Burleson
Burleson Church Of Christ
First United Methodist Church Preschool
Lifegate Assembly Of God Church
First Baptist Church Of Joshua, Inc
Open Door Fellowship Ministries, Inc
Industry PPP Comparison Statistics
Nationwide, 123,083 businesses in the "Religious Organizations" industry received a total of $9.27B 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, 500% higher than Faith Christian Fellowship's reported 2 employees, and received an average PPP loan of $75,298, 201% higher than this company's loan of $25,000.
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Footnotes & Information
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