PPP Loan Data — Newton Services Foundation, Flint, MI
Newton Services Foundation is a non-profit organization located at 2370 S Linden Rd in Flint, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,020,233.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Newton Services Foundation in Flint, MI received a Paycheck Protection Loan of $2.02M through Oxford 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, Newton Services Foundation's 2019 payroll expenses are estimated to be at least $9.7M.
Based on their reported 258 jobs retained, this equals an estimated average yearly compensation of $37,586 per employee1
Reported PPP Proceed Usage:
On the PPP application, Newton Services Foundation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,020,233
Business Information - Newton Services Foundation in Flint, MI
2370 S Linden Rd
Flint, MI 48532
Employment Placement Agencies
NAICS code 561311
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Flint
In the Flint area, 3 businesses in the "Employment Placement Agencies" industry received a PPP loan. These local businesses reported an average of 172 employees (compared to this company's 258) and received an average PPP loan of $1,347,022 (compared to this company's $2.02M).
Similar Nearby Businesses Who Received PPP Funding:
Newton Services Foundation Inc
Employer Solutions LLC
Industry PPP Comparison Statistics
Nationwide, 12,601 businesses in the "Employment Placement Agencies" industry received a total of $3.48B 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 35 employees, 86% lower than Newton Services Foundation's reported 258 employees, and received an average PPP loan of $275,915, 86% lower than this company's loan of $2.02M.
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Footnotes & Information
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