PPP Loan Data — Family Promise Of Northern Kentucky, Inc, Newport, KY
Family Promise Of Northern Kentucky, Inc is a non-profit organization located at 336 West 9th St in Newport, Kentucky 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:Heritage Bank, Inc.
Family Promise Of Northern Kentucky, Inc in Newport, KY received a Paycheck Protection Loan of $25,000 through Heritage Bank, Inc., 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 February, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Family Promise Of Northern Kentucky, Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Family Promise Of Northern Kentucky, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Family Promise Of Northern Kentucky, Inc in Newport, KY
336 West 9th St
Newport, KY 41071
All Other Personal Services
NAICS code 812990
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Newport
In the Newport area, 8 businesses in the "All Other Personal Services" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 5) and received an average PPP loan of $10,487 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Lester Ingram II
Massage 31 LLC
Industry PPP Comparison Statistics
Nationwide, 237,729 businesses in the "All Other Personal Services" industry received a total of $5.63B 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 3 employees, 40% lower than Family Promise Of Northern Kentucky, Inc's reported 5 employees, and received an average PPP loan of $23,676, 5% lower than this company's loan of $25,000.
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Footnotes & Information
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