PPP Loan Data — Freedom Preparatory Academy Inc, Memphis, TN
Freedom Preparatory Academy Inc is a non-profit organization located at 5132 Jonetta St in Memphis, Tennessee that received a Coronavirus-related PPP loan from the SBA of $2,600,000.00 in April, 2020.
$ PPP Loan Information
Freedom Preparatory Academy Inc in Memphis, TN received a Paycheck Protection Loan of $2.6M through PINNACLE BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Freedom Preparatory Academy Inc's total 2019 payroll expenses were approximately $12.48M in order to qualify for the PPP loan amount received.
Based on their reported 257 jobs retained, this equals an estimated average yearly compensation of $48,560 per employee1.
Business Information - Freedom Preparatory Academy Inc in Memphis, TN
5132 Jonetta St
Memphis, TN 38109
Elementary and Secondary Schools (NAICS code 611110)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: TN-09
Similar Companies near Memphis
In the Memphis area, 6 businesses in the "Elementary and Secondary Schools" industry received a PPP loan. These local businesses reported an average of 73 employees (compared to this company's 257) and received an average PPP loan of $729,760 (compared to this company's $2.6M).
Similar Nearby Businesses Who Received PPP Funding:
Promise Academy Inc
Vision Preparatory Charter School, Inc
Promise Academy Spring Hill Inc.
Eric Jerome Winfrey
Creative Wonders Learning Academy
Industry PPP Comparison Statistics
Nationwide, 15,362 businesses in the "Elementary and Secondary Schools" industry received a total of $5,824,752,723.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 38 employees, 85% lower than Freedom Preparatory Academy Inc's reported 257 employees, and received an average PPP loan of $379,166, 85% lower than this company's loan of $2.6M.
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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