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PPP Loan Data — Lutheran Social Services Of South Dakota, Sioux Falls, SD

SBA PPP loan data, payroll data, and salaries for Lutheran Social Services Of South Dakota
SD Nonprofit Organization

Lutheran Social Services Of South Dakota

Entity: Non-profit Organization

Industry: Civic and Social Organizations

Location: Sioux Falls, SD

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Lutheran Social Services Of South Dakota is a non-profit organization located at 705 E 41st Ste 200 in Sioux Falls, South Dakota that received a Coronavirus-related PPP loan from the SBA of $2,852,000.00 in April, 2020.

$ PPP Loan Information Loan #8435577007

Loan Size:

$2.85M

Jobs Retained:

470

Loan Approved:

2020-04-08

Loan Status:

Ongoing Loan

Lender:

First Bank & Trust

Lutheran Social Services Of South Dakota in Sioux Falls, SD received a Paycheck Protection Loan of $2.85M through First Bank & Trust, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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, Lutheran Social Services Of South Dakota's 2019 payroll expenses are estimated to be at least $13.69M.

Based on their reported 470 jobs retained, this equals an estimated average yearly compensation of $29,127 per employee1

Reported PPP Proceed Usage:

On the PPP application, Lutheran Social Services Of South Dakota reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,852,000
Because the loan received by Lutheran Social Services Of South Dakota is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Lutheran Social Services Of South Dakota in Sioux Falls, SD

Lutheran Social Services Of South Dakota
705 E 41st Ste 200
Sioux Falls, SD 57105

Business Industry:
Civic and Social Organizations
NAICS code 813410

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Minnehaha County, SD — SBA Office 0876 — Congressional District: SD-

Similar Companies near Sioux Falls

In the Sioux Falls area, 19 businesses in the "Civic and Social Organizations" industry received a PPP loan. These local businesses reported an average of 39 employees (compared to this company's 470) and received an average PPP loan of $278,817 (compared to this company's $2.85M).

Industry PPP Comparison Statistics

Nationwide, 17,393 businesses in the "Civic and Social Organizations" industry received a total of $2,405,033,844.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 20 employees, 96% lower than Lutheran Social Services Of South Dakota's reported 470 employees, and received an average PPP loan of $138,276, 95% lower than this company's loan of $2.85M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

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Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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Source: www.federalpay.org/paycheck-protection-program/lutheran-social-services-of-south-dakota-sioux-falls-sd