Morningside College in Sioux City, IA - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Morningside College, Sioux City, IA

IA Nonprofit Organization

Morningside College

Entity: Non-profit Organization

Industry: Colleges, Universities, and Professional Schools

Location: Sioux City, IA

Morningside College is a non-profit organization located at 1501 Morningside Ave in Sioux City, Iowa that received a Coronavirus-related PPP loan from the SBA of $4,042,655.00 in July, 2020.

$ PPP Loan Information

Loan Size:

$4.04M

Jobs Retained:

493

Loan Approved:

2020-07-27

Lender:

U.S. BANK, NATIONAL ASSOCIATION

Morningside College in Sioux City, IA received a Paycheck Protection Loan of $4.04M through U.S. BANK, NATIONAL ASSOCIATION, which was approved in July, 2020.

Based on standard PPP eligibility rules, Morningside College's total 2019 payroll expenses were approximately $19.4M in order to qualify for the PPP loan amount received.

Based on their reported 493 jobs retained, this equals an estimated average yearly compensation of $39,361 per employee¹.

Because the loan received by Morningside College 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 - Morningside College in Sioux City, IA

Morningside College
1501 Morningside Ave
Sioux City, IA 51106

Business Industry

Colleges, Universities, and Professional Schools (NAICS code 611310)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: IA-04

Industry PPP Comparison Statistics

Nationwide, 2,077 businesses in the "Colleges, Universities, and Professional Schools" industry received a total of $1,723,864,433.00 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 86 employees, 83% lower than Morningside College's reported 493 employees, and received an average PPP loan of $829,978, 79% lower than this company's loan of $4.04M.

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, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. 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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