Grace Church School in New York, NY - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Grace Church School, New York, NY

NY Nonprofit Organization

Grace Church School

Entity: Non-profit Organization

Industry: Religious Organizations

Location: New York, NY

Grace Church School is a non-profit organization located at 86 Fourth Avenue in New York, New York that received a Coronavirus-related PPP loan from the SBA of $3,431,500.00 in April, 2020.

$ PPP Loan Information
Loan #5451787105

Loan Size:

$3.43M

Jobs Retained:

388

Loan Approved:

2020-04-13

Loan Status:

Paid in Full or Forgiven

Lender:

ConnectOne Bank

Grace Church School in New York, NY received a Paycheck Protection Loan of $3.43M through ConnectOne Bank, 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 June, 2021.

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.

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.

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, Grace Church School's 2019 payroll expenses are estimated to be at least $16.47M.

Based on their reported 388 jobs retained, this equals an estimated average yearly compensation of $42,452 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Grace Church School reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,431,500

Because the loan received by Grace Church School is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Grace Church School in New York, NY

Grace Church School
86 Fourth Avenue
New York, NY 10003

Business Industry:
Religious Organizations
NAICS code 813110

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

New York County, NY — SBA Office 0202 — Congressional District: NY-12

Similar Companies near New York

In the New York area, 65 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 15 employees (compared to this company's 388) and received an average PPP loan of $147,512 (compared to this company's $3.43M).

Similar Nearby Businesses Who Received PPP Funding:

Bethel Assembly Of God
New York, NY

$20,830 PPP Loan

Town & Village Conservative Synagogue, Inc
New York, NY

$110,689 PPP Loan

Elena Heimur
New York, NY

$3,147 PPP Loan

Kehila Kedosha Janina Inc
New York, NY

$3,500 PPP Loan

New York Christian Mission Church
New York, NY

$12,899 PPP Loan

Three Jewels Outreach Center, Inc
New York, NY

$10,725 PPP Loan

The Primitive Christian Church
New York, NY

$61,300 PPP Loan

Chinese Alliance Church Of C&MA
New York, NY

$64,675 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 122,670 businesses in the "Religious Organizations" industry received a total of $9.25B 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, 97% lower than Grace Church School's reported 388 employees, and received an average PPP loan of $75,418, 98% lower than this company's loan of $3.43M.

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.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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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