PPP Loan Data — Hutchison School, Memphis, TN
Hutchison School is a non-profit organization located at 1740 Ridgeway Rd in Memphis, Tennessee that received a Coronavirus-related PPP loan from the SBA of $2,306,800.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First Horizon Bank
Hutchison School in Memphis, TN received a Paycheck Protection Loan of $2.31M through First Horizon Bank, which was approved in April, 2020.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Hutchison School's 2019 payroll expenses are estimated to be at least $11.07M.
Based on their reported 207 jobs retained, this equals an estimated average yearly compensation of $53,491 per employee1
Reported PPP Proceed Usage:
On the PPP application, Hutchison School reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,306,800
Business Information - Hutchison School in Memphis, TN
1740 Ridgeway Rd
Memphis, TN 38119
Elementary and Secondary Schools
NAICS code 611110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Memphis
In the Memphis area, 7 businesses in the "Elementary and Secondary Schools" industry received a PPP loan. These local businesses reported an average of 107 employees (compared to this company's 207) and received an average PPP loan of $1,091,642 (compared to this company's $2.31M).
Similar Nearby Businesses Who Received PPP Funding:
Gestalt Community Schools
Tennessee Assn Of Independent Schools (Tais)
The Westminster Academy, Inc
Memphis University School
Memphis Merit Academy Inc
Bowie Reading & Learning Center
Industry PPP Comparison Statistics
Nationwide, 22,714 businesses in the "Elementary and Secondary Schools" industry received a total of $7.35B 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 38 employees, 82% lower than Hutchison School's reported 207 employees, and received an average PPP loan of $323,643, 86% lower than this company's loan of $2.31M.
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Footnotes & Information
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