PPP Loan Data — Luther Care Services, Des Moines, IA
Luther Care Services is a non-profit organization located at 1546 Hull Avenue in Des Moines, Iowa that received a Coronavirus-related PPP loan from the SBA of $1,904,600.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Great Western Bank
Luther Care Services in Des Moines, IA received a Paycheck Protection Loan of $1.9M through Great Western 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, Luther Care Services' 2019 payroll expenses are estimated to be at least $9.14M.
Based on their reported 194 jobs retained, this equals an estimated average yearly compensation of $47,124 per employee1
Reported PPP Proceed Usage:
On the PPP application, Luther Care Services reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,904,600
Business Information - Luther Care Services in Des Moines, IA
1546 Hull Avenue
Des Moines, IA 50316
Continuing Care Retirement Communities
NAICS code 623311
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Des Moines
In the Des Moines area, 2 businesses in the "Continuing Care Retirement Communities" industry received a PPP loan. These local businesses reported an average of 126 employees (compared to this company's 194) and received an average PPP loan of $1,175,726 (compared to this company's $1.9M).
Similar Nearby Businesses Who Received PPP Funding:
BCP Union Park, LLC
Des Moines, IA
Industry PPP Comparison Statistics
Nationwide, 2,718 businesses in the "Continuing Care Retirement Communities" industry received a total of $1.53B 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 77 employees, 60% lower than Luther Care Services' reported 194 employees, and received an average PPP loan of $561,944, 70% lower than this company's loan of $1.9M.
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Footnotes & Information
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