PPP Loan Data — New Covenant Tabernacle, Greenwood, SC
New Covenant Tabernacle is a non-profit organization located at 1509 Woodlawn Road in Greenwood, South Carolina that received a Coronavirus-related PPP loan from the SBA of $46,916.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:South State Bank, National Association
New Covenant Tabernacle in Greenwood, SC received a Paycheck Protection Loan of $46,916 through South State Bank, 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 April, 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, New Covenant Tabernacle's 2019 payroll expenses are estimated to be at least $225,197.
Based on their reported 9 jobs retained, this equals an estimated average yearly compensation of $25,022 per employee1
Reported PPP Proceed Usage:
On the PPP application, New Covenant Tabernacle reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,916
Business Information - New Covenant Tabernacle in Greenwood, SC
1509 Woodlawn Road
Greenwood, SC 29646
NAICS code 813110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Greenwood
In the Greenwood area, 17 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 9) and received an average PPP loan of $22,889 (compared to this company's $46,916).
Similar Nearby Businesses Who Received PPP Funding:
Trinity United Methodist
The First Presbyterian Church Of Greenwood South Carolina
The Church Of The Resurrection
Vision Ministries, Inc
Callie Self Memorial Baptist Church
Siloam Baptist Church, Incorporated Of Ninety Six
Callie Self Memorial
Faith Christian Center Church At Greenwood
Industry PPP Comparison Statistics
Nationwide, 123,083 businesses in the "Religious Organizations" industry received a total of $9.27B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 12 employees, 33% higher than New Covenant Tabernacle's reported 9 employees, and received an average PPP loan of $75,298, 60% higher than this company's loan of $46,916.
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Footnotes & Information
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