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PPP Loan Data — High Spirit Community Farm,
Cambridge, MA
High Spirit Community Farm
Entity: Corporation
Industry: Residential Mental Health and Substance Abuse Facilities
Location: Cambridge, MA
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High Spirit Community Farm is a corporation located at 1770 Massachusetts Ave in Cambridge, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $31,000.00 in April, 2020.
The company has reported itself as a White female owned business, and employed at least six people during the applicable loan loan period.
$
PPP Loan Information
Loan #4636417003
Loan Size:
Jobs Retained:
6Loan Approved:
2020-04-04Loan Status:
Paid in Full or ForgivenLender:
Lee BankHigh Spirit Community Farm in Cambridge, MA received a Paycheck Protection Loan of $31,000 through Lee 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 November, 2020.
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 MoreUnderstanding 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 MoreBased 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, High Spirit Community Farm's 2019 payroll expenses are estimated to be at least $148,800.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $24,800 per employee1
Reported PPP Proceed Usage:
On the PPP application, High Spirit Community Farm reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $31,000
Business Information - High Spirit Community Farm in Cambridge, MA
1770 Massachusetts Ave
Cambridge, MA 2140
Business Industry:
Residential Mental Health and Substance Abuse Facilities
NAICS code 623220
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 7 other businesses that received a PPP loan registered to the same address as High Spirit Community Farm.
Joseph Glenmullen, MD
Offices of Physicians (except Mental Health Specialists)
Smartcurrent
Process, Physical Distribution, and Logistics Consulting Services
Alcove Realty LLC
Offices of Real Estate Agents and Brokers
Elizabeth Moryl
Janitorial Services
Adelante Shoe Co
Footwear Merchant Wholesalers
Fyto Inc
Farm Management Services
Amplyus LLC
Educational Support Services
Industry PPP Comparison Statistics
Nationwide, 3,566 businesses in the "Residential Mental Health and Substance Abuse Facilities" industry received a total of $1.06B 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 37 employees, 517% higher than High Spirit Community Farm's reported 6 employees, and received an average PPP loan of $298,118, 862% higher than this company's loan of $31,000.
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.
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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