PPP Loan Data — ITA Bel Koo Day Activity Center, Northome, MN
ITA Bel Koo Day Activity Center
Entity: Non-profit Organization
Location: Northome, MNTweet This • Search All PPP Data
ITA Bel Koo Day Activity Center is a non-profit organization located at 12025 Main St in Northome, Minnesota that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
ITA Bel Koo Day Activity Center in Northome, MN received a Paycheck Protection Loan of $25,000 through Deerwood 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 December, 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 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, ITA Bel Koo Day Activity Center's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 10 jobs retained, this equals an estimated average yearly compensation of $12,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, ITA Bel Koo Day Activity Center reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $23,000
- Utilities: $2,000
Business Information - ITA Bel Koo Day Activity Center in Northome, MN
12025 Main St
Northome, MN 56661
Services for the Elderly and Persons with Disabilities
NAICS code 624120
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Northome
In the Northome area, 2 businesses in the "Services for the Elderly and Persons with Disabilities" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 10) and received an average PPP loan of $23,641 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
ITA Bel Koo Day Activity Center Inc
Industry PPP Comparison Statistics
Nationwide, 13,270 businesses in the "Services for the Elderly and Persons with Disabilities" industry received a total of $2.13B 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 27 employees, 170% higher than ITA Bel Koo Day Activity Center's reported 10 employees, and received an average PPP loan of $160,784, 543% higher than this company's loan of $25,000.
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