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PPP Loan Data — Indianapolis Museum Of Art Inc,
Indianapolis, IN
Indianapolis Museum Of Art Inc
Entity: Non-profit Organization
Industry: Museums
Location: Indianapolis, IN
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Indianapolis Museum Of Art Inc is a non-profit organization located at 4000 Michigan Rd in Indianapolis, Indiana that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.
$
PPP Loan Information
Loan #3665538702
Loan Size:
Jobs Retained:
281Loan Approved:
2021-03-31Loan Status:
Ongoing LoanLender:
BMO Harris Bank National AssociationIndianapolis Museum Of Art Inc in Indianapolis, IN received a Paycheck Protection Loan of $2M through BMO Harris Bank National Association, which was approved in March, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, Indianapolis Museum Of Art Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 281 jobs retained, this equals an estimated average yearly compensation of $34,164 per employee1
Reported PPP Proceed Usage:
On the PPP application, Indianapolis Museum Of Art Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,999
- Utilities: $1
Business Information - Indianapolis Museum Of Art Inc in Indianapolis, IN
4000 Michigan Rd
Indianapolis, IN 46208
Business Industry:
Museums
NAICS code 712110
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: N
Rural / Urban: Urban
Similar Companies near Indianapolis
In the Indianapolis area, 4 businesses in the "Museums" industry received a PPP loan. These local businesses reported an average of 261 employees (compared to this company's 281) and received an average PPP loan of $2,576,966 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
The Children's Museum Of Indianapolis, Inc
Indianapolis, IN
United Way Of Central Indiana Inc
Indianapolis, IN
Industry PPP Comparison Statistics
Nationwide, 7,165 businesses in the "Museums" industry received a total of $1.13B 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 18 employees, 94% lower than Indianapolis Museum Of Art Inc's reported 281 employees, and received an average PPP loan of $157,096, 92% lower than this company's loan of $2M.
Indianapolis Museum Of Art, Inc
Entity: Non-profit Organization
Industry: Museums
Location: Indianapolis, IN
Tweet This
•
Search All PPP Data
Indianapolis Museum Of Art, Inc is a non-profit organization located at 4000 Michigan Rd in Indianapolis, Indiana that received a Coronavirus-related PPP loan from the SBA of $2,878,500.00 in April, 2020.
$
PPP Loan Information
Loan #4370507106
Loan Size:
Jobs Retained:
273Loan Approved:
2020-04-13Loan Status:
Paid in Full or ForgivenLender:
BMO Harris Bank National AssociationIndianapolis Museum Of Art, Inc in Indianapolis, IN received a Paycheck Protection Loan of $2.88M through BMO Harris Bank National Association, 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.
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, Indianapolis Museum Of Art, Inc's 2019 payroll expenses are estimated to be at least $13.82M.
Based on their reported 273 jobs retained, this equals an estimated average yearly compensation of $50,611 per employee1
Reported PPP Proceed Usage:
On the PPP application, Indianapolis Museum Of Art, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,878,500
Business Information - Indianapolis Museum Of Art, Inc in Indianapolis, IN
4000 Michigan Rd
Indianapolis, IN 46208
Business Industry:
Museums
NAICS code 712110
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Indianapolis
In the Indianapolis area, 4 businesses in the "Museums" industry received a PPP loan. These local businesses reported an average of 261 employees (compared to this company's 273) and received an average PPP loan of $2,576,966 (compared to this company's $2.88M).
Similar Nearby Businesses Who Received PPP Funding:
The Children's Museum Of Indianapolis, Inc
Indianapolis, IN
United Way Of Central Indiana Inc
Indianapolis, IN
Industry PPP Comparison Statistics
Nationwide, 7,165 businesses in the "Museums" industry received a total of $1.13B 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 18 employees, 93% lower than Indianapolis Museum Of Art, Inc's reported 273 employees, and received an average PPP loan of $157,096, 95% lower than this company's loan of $2.88M.
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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