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PPP Loan Data — Indian River Methodist Church, Indian River, MI

SBA PPP loan data, payroll data, and salaries for Indian River Methodist Church
MI Nonprofit Organization

Indian River Methodist Church

Entity: Non-profit Organization

Industry: Religious Organizations

Location: Indian River, MI

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Indian River Methodist Church is a non-profit organization located at 956 Eagles Nest Rd in Indian River, Michigan that received a Coronavirus-related PPP loan from the SBA of $24,975.00 in April, 2020.

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

$ PPP Loan Information
Loan #6033727209

Loan Size:

$24,975

Jobs Retained:

7

Loan Approved:

2020-04-27

Loan Status:

Paid in Full or Forgiven

Lender:

Citizens National Bank of Cheboygan

Indian River Methodist Church in Indian River, MI received a Paycheck Protection Loan of $24,975 through Citizens National Bank of Cheboygan, 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 June, 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, Indian River Methodist Church's 2019 payroll expenses are estimated to be at least $119,880.

Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $17,126 per employee1

Reported PPP Proceed Usage:

On the PPP application, Indian River Methodist Church reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $24,975

Business Information - Indian River Methodist Church in Indian River, MI

Indian River Methodist Church
956 Eagles Nest Rd
Indian River, MI 49749

Business Industry:
Religious Organizations
NAICS code 813110

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Female Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Rural

Cheboygan County, MI — SBA Office 0515 — Congressional District: MI-01

Similar Companies near Indian River

In the Indian River area, 6 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 7) and received an average PPP loan of $37,005 (compared to this company's $24,975).

Industry PPP Comparison Statistics

Nationwide, 123,083 businesses in the "Religious Organizations" industry received a total of $9.27B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 12 employees, 71% higher than Indian River Methodist Church's reported 7 employees, and received an average PPP loan of $75,298, 201% higher than this company's loan of $24,975.

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.

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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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Source: www.federalpay.org/paycheck-protection-program/indian-river-methodist-church-indian-river-mi