PPP Loan Data — New Paradigm For Education, Inc., Detroit, MI
New Paradigm For Education, Inc. is a corporation located at 1903 Wilkins St in Detroit, Michigan that received a Coronavirus-related PPP loan from the SBA of $3,180,705.00 in May, 2020.
$ PPP Loan Information
Lender:JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
New Paradigm For Education, Inc. in Detroit, MI received a Paycheck Protection Loan of $3.18M through JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, which was approved in May, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 100 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 153.
Based on standard PPP eligibility rules, New Paradigm For Education, Inc.'s total 2019 payroll expenses were approximately $15.27M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 100 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - New Paradigm For Education, Inc. in Detroit, MI
1903 Wilkins St
Detroit, MI 48207
Civic and Social Organizations (NAICS code 813410)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MI-14
Similar Companies near Detroit
In the Detroit area, 6 businesses in the "Civic and Social Organizations" industry received a PPP loan. These local businesses reported an average of 65 employees (compared to this company's 100) and received an average PPP loan of $1,264,583 (compared to this company's $3.18M).
Similar Nearby Businesses Who Received PPP Funding:
Michigan Minority Purchasing Council
Matrix Human Services
Michigan Women Forward
Ywca Of Metro Detroit
Industry PPP Comparison Statistics
Nationwide, 11,463 businesses in the "Civic and Social Organizations" industry received a total of $1,562,132,328.00 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 16 employees, 84% lower than New Paradigm For Education, Inc.'s reported 100 employees, and received an average PPP loan of $136,276, 96% lower than this company's loan of $3.18M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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