PPP Loan Data — Kentucky Wesleyan College, Owensboro, KY
Kentucky Wesleyan College is a professional association located at 3000 Frederica St in Owensboro, Kentucky that received a Coronavirus-related PPP loan from the SBA of $1,616,650.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Independence Bank of Kentucky
Kentucky Wesleyan College in Owensboro, KY received a Paycheck Protection Loan of $1.62M through Independence Bank of Kentucky, 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 January, 2021.
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, Kentucky Wesleyan College's 2019 payroll expenses are estimated to be at least $7.76M.
Based on their reported 262 jobs retained, this equals an estimated average yearly compensation of $29,618 per employee1
Reported PPP Proceed Usage:
On the PPP application, Kentucky Wesleyan College reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,616,650
Business Information - Kentucky Wesleyan College in Owensboro, KY
3000 Frederica St
Owensboro, KY 42301
Colleges, Universities, and Professional Schools
NAICS code 611310
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Owensboro
In the Owensboro area, 4 businesses in the "Colleges, Universities, and Professional Schools" industry received a PPP loan. These local businesses reported an average of 120 employees (compared to this company's 262) and received an average PPP loan of $772,250 (compared to this company's $1.62M).
Similar Nearby Businesses Who Received PPP Funding:
Brescia University, Inc
International Bluegrass Museum, Inc
International Bluegrass Music Museum Inc
Industry PPP Comparison Statistics
Nationwide, 3,280 businesses in the "Colleges, Universities, and Professional Schools" industry received a total of $2.08B 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 76 employees, 71% lower than Kentucky Wesleyan College's reported 262 employees, and received an average PPP loan of $633,118, 61% lower than this company's loan of $1.62M.
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Footnotes & Information
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