PPP Loan Data — Hampton Roads Educational Telecommunications Assoc Inc, Norfolk, VA
Hampton Roads Educational Telecommunications Assoc Inc is a non-profit organization located at 5200 Hampton Blvd in Norfolk, Virginia that received a Coronavirus-related PPP loan from the SBA of $1,594,800.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Hampton Roads Educational Telecommunications Assoc Inc in Norfolk, VA received a Paycheck Protection Loan of $1.59M through Towne 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 March, 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.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, Hampton Roads Educational Telecommunications Assoc Inc's 2019 payroll expenses are estimated to be at least $7.66M.
Based on their reported 124 jobs retained, this equals an estimated average yearly compensation of $61,734 per employee1
Reported PPP Proceed Usage:
On the PPP application, Hampton Roads Educational Telecommunications Assoc Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,594,800
Business Information - Hampton Roads Educational Telecommunications Assoc Inc in Norfolk, VA
5200 Hampton Blvd
Norfolk, VA 23508
Administration of Education Programs
NAICS code 923110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 3,647 businesses in the "Administration of Education Programs" industry received a total of $314.68M in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 11 employees, 91% lower than Hampton Roads Educational Telecommunications Assoc Inc's reported 124 employees, and received an average PPP loan of $86,285, 95% lower than this company's loan of $1.59M.
FederalPay's PPP Information Policy
Footnotes & Information
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