PPP Loan Data — Grace Schools, Winona Lake, IN
Grace Schools is a non-profit organization located at 200 Seminary Drive in Winona Lake, Indiana that received a Coronavirus-related PPP loan from the SBA of $2,523,200.00 in April, 2020.
$ PPP Loan Information
Lender:1ST SOURCE BANK
Grace Schools in Winona Lake, IN received a Paycheck Protection Loan of $2.52M through 1ST SOURCE BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Grace Schools' total 2019 payroll expenses were approximately $12.11M in order to qualify for the PPP loan amount received.
Based on their reported 317 jobs retained, this equals an estimated average yearly compensation of $38,206 per employee1.
Business Information - Grace Schools in Winona Lake, IN
200 Seminary Drive
Winona Lake, IN 46590
Colleges, Universities, and Professional Schools (NAICS code 611310)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: IN-03
Industry PPP Comparison Statistics
Nationwide, 2,077 businesses in the "Colleges, Universities, and Professional Schools" industry received a total of $1,723,864,433.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 86 employees, 73% lower than Grace Schools' reported 317 employees, and received an average PPP loan of $829,978, 67% lower than this company's loan of $2.52M.
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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