PPP Loan Data — Neighborhood Service Organization, Detroit, MI
Neighborhood Service Organization is a non-profit organization located at 882 Oakman Blvd Ste. C in Detroit, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,306,400.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:The Huntington National Bank
Neighborhood Service Organization in Detroit, MI received a Paycheck Protection Loan of $2.31M through The Huntington National 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, Neighborhood Service Organization's 2019 payroll expenses are estimated to be at least $11.07M.
Based on their reported 240 jobs retained, this equals an estimated average yearly compensation of $46,128 per employee1
Reported PPP Proceed Usage:
On the PPP application, Neighborhood Service Organization reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,306,400
Business Information - Neighborhood Service Organization in Detroit, MI
882 Oakman Blvd Ste. C
Detroit, MI 48238
Community Food Services
NAICS code 624210
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Detroit
In the Detroit area, 6 businesses in the "Community Food Services" industry received a PPP loan. These local businesses reported an average of 54 employees (compared to this company's 240) and received an average PPP loan of $538,025 (compared to this company's $2.31M).
Similar Nearby Businesses Who Received PPP Funding:
Forgotten Harvest Inc
Oak Park, MI
Christ The Help Rescue Mission
Oak Park, MI
Industry PPP Comparison Statistics
Nationwide, 5,420 businesses in the "Community Food Services" industry received a total of $306.39M 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 7 employees, 97% lower than Neighborhood Service Organization's reported 240 employees, and received an average PPP loan of $56,529, 98% lower than this company's loan of $2.31M.
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Footnotes & Information
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