Hopewest in Grand Junction, CO - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Hopewest, Grand Junction, CO

CO Nonprofit Organization

Hopewest

Entity: Non-profit Organization

Industry: Home Health Care Services

Location: Grand Junction, CO

Hopewest is a non-profit organization located at 3090 N 12th St Unit B in Grand Junction, Colorado that received a Coronavirus-related PPP loan from the SBA of $4,441,500.00 in April, 2020.

The company has reported itself as a male owned non-profit, and employed at least 250 people during the applicable loan loan period.

$ PPP Loan Information
Loan #4478127003

Loan Size:

$4.44M

Jobs Retained:

250

Loan Approved:

2020-04-03

Loan Status:

Paid in Full or Forgiven

Lender:

Timberline Bank

Hopewest in Grand Junction, CO received a Paycheck Protection Loan of $4.44M through Timberline 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 July, 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, Hopewest's 2019 payroll expenses are estimated to be at least $21.32M.

Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $85,277 per employee¹

Reported PPP Proceed Usage:

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

Payroll: $3,331,125
Rent: $1,110,375

Because the loan received by Hopewest 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 - Hopewest in Grand Junction, CO

Hopewest
3090 N 12th St Unit B
Grand Junction, CO 81506

Business Industry:
Home Health Care Services
NAICS code 621610

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Mesa County, CO — SBA Office 0811 — Congressional District: CO-03

Similar Companies near Grand Junction

In the Grand Junction area, 5 businesses in the "Home Health Care Services" industry received a PPP loan. These local businesses reported an average of 94 employees (compared to this company's 250) and received an average PPP loan of $1,161,826 (compared to this company's $4.44M).

Similar Nearby Businesses Who Received PPP Funding:

Human Touch Home Health Care Agency Inc Grand Junction
Grand Junction, CO

$142,342 PPP Loan

Cizar LLC
Grand Junction, CO

$25,000 PPP Loan

Summit West Care
Grand Junction, CO

$1.16M PPP Loan

Industry PPP Comparison Statistics

Nationwide, 87,627 businesses in the "Home Health Care Services" industry received a total of $7.58B 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 16 employees, 94% lower than Hopewest's reported 250 employees, and received an average PPP loan of $86,486, 98% lower than this company's loan of $4.44M.

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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