PPP Loan Data — Lane College, Jackson, TN
Lane College is a non-profit organization located at 545 Lane Ave in Jackson, Tennessee that received a Coronavirus-related PPP loan from the SBA of $2,059,855.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First Horizon Bank
Lane College in Jackson, TN received a Paycheck Protection Loan of $2.06M through First Horizon Bank, 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, Lane College's 2019 payroll expenses are estimated to be at least $9.89M.
Based on their reported 244 jobs retained, this equals an estimated average yearly compensation of $40,522 per employee1
Reported PPP Proceed Usage:
On the PPP application, Lane College reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,640,970
- Utilities: $229,491
- Rent: $189,394
Business Information - Lane College in Jackson, TN
545 Lane Ave
Jackson, TN 38301
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: Y
Rural / Urban: Urban
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, 69% lower than Lane College's reported 244 employees, and received an average PPP loan of $633,118, 69% lower than this company's loan of $2.06M.
FederalPay's PPP Information Policy
Footnotes & Information
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