PPP Loan Data — Maine Life Care Retirement Community Inc, Scarborough, ME
Maine Life Care Retirement Community Inc is a non-profit organization located at 15 Piper Road in Scarborough, Maine that received a Coronavirus-related PPP loan from the SBA of $1,768,632.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:KeyBank National Association
Maine Life Care Retirement Community Inc in Scarborough, ME received a Paycheck Protection Loan of $1.77M through KeyBank National Association, 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, Maine Life Care Retirement Community Inc's 2019 payroll expenses are estimated to be at least $8.49M.
Based on their reported 219 jobs retained, this equals an estimated average yearly compensation of $38,765 per employee1
Reported PPP Proceed Usage:
On the PPP application, Maine Life Care Retirement Community Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,768,632
Business Information - Maine Life Care Retirement Community Inc in Scarborough, ME
15 Piper Road
Scarborough, ME 4074
Child and Youth Services
NAICS code 624110
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Scarborough
In the Scarborough area, 2 businesses in the "Child and Youth Services" industry received a PPP loan. These local businesses reported an average of 111 employees (compared to this company's 219) and received an average PPP loan of $888,184 (compared to this company's $1.77M).
Similar Nearby Businesses Who Received PPP Funding:
Fresh Air Infant Daycare LLC
Industry PPP Comparison Statistics
Nationwide, 14,718 businesses in the "Child and Youth Services" industry received a total of $1.94B 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 18 employees, 92% lower than Maine Life Care Retirement Community Inc's reported 219 employees, and received an average PPP loan of $132,042, 93% lower than this company's loan of $1.77M.
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Footnotes & Information
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