PPP Loan Data — Kensington Community Church, Troy, MI
Kensington Community Church is a corporation located at 1825 East Square Lake Road in Troy, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,986,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Michigan State University FCU
Kensington Community Church in Troy, MI received a Paycheck Protection Loan of $1.99M through Michigan State University FCU, 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, Kensington Community Church's 2019 payroll expenses are estimated to be at least $9.53M.
Based on their reported 230 jobs retained, this equals an estimated average yearly compensation of $41,447 per employee1
Reported PPP Proceed Usage:
On the PPP application, Kensington Community Church reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,815,952
- Utilities: $70,386
- Mortgage Interest: $89,912
- Rent: $9,750
Business Information - Kensington Community Church in Troy, MI
1825 East Square Lake Road
Troy, MI 48085
NAICS code 813110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Troy
In the Troy area, 19 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 30 employees (compared to this company's 230) and received an average PPP loan of $260,954 (compared to this company's $1.99M).
Similar Nearby Businesses Who Received PPP Funding:
Evanswood Church Of God
ST. Anastasia Catholic Church
ST. Elizabeth Ann Seton Catholic Church
Lutheran Church Of The Master
Beacon Unitarian Universalist Congregation
Holy Trinity Romanian Orthodox Church
Korean United Methodist Church Of Metropolitan Detroit
Troy Christian Chapel
North Hills Christian Reformed Church
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, 95% lower than Kensington Community Church's reported 230 employees, and received an average PPP loan of $75,298, 96% lower than this company's loan of $1.99M.
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Footnotes & Information
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