PPP Loan Data — New Hope Carolinas Inc, North Charleston, SC
New Hope Carolinas Inc
Entity: Subchapter S Corporation
Location: North Charleston, SCTweet This • Search All PPP Data
New Hope Carolinas Inc is a subchapter s corporation located at 7515 Northside Dr Ste 200 in North Charleston, South Carolina that received a Coronavirus-related PPP loan from the SBA of $2,555,257.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 348 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:West Town Bank & Trust
New Hope Carolinas Inc in North Charleston, SC received a Paycheck Protection Loan of $2.56M through West Town 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
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 Hope Carolinas Inc's 2019 payroll expenses are estimated to be at least $12.27M.
Based on their reported 348 jobs retained, this equals an estimated average yearly compensation of $35,245 per employee1
Reported PPP Proceed Usage:
On the PPP application, New Hope Carolinas Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,555,257
Business Information - New Hope Carolinas Inc in North Charleston, SC
7515 Northside Dr Ste 200
North Charleston, SC 29420
Residential Mental Health and Substance Abuse Facilities
NAICS code 623220
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 3,600 businesses in the "Residential Mental Health and Substance Abuse Facilities" industry received a total of $1.06B 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 36 employees, 90% lower than New Hope Carolinas Inc's reported 348 employees, and received an average PPP loan of $295,104, 88% lower than this company's loan of $2.56M.
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Footnotes & Information
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