PPP Loan Data — Olivet Baptist Church, Minneapolis, MN
Olivet Baptist Church is a 501(c)3 – non profit located at 5000 W Broadway Ave in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $75,000.00 in February, 2021.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Citizens Independent Bank
Olivet Baptist Church in Minneapolis, MN received a Paycheck Protection Loan of $75,000 through Citizens Independent Bank, which was approved in February, 2021.
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
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.Read More
Understanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.Read More
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, Olivet Baptist Church's 2019 payroll expenses are estimated to be at least $360,000.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $72,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Olivet Baptist Church reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $74,998
- Utilities: $1
Business Information - Olivet Baptist Church in Minneapolis, MN
5000 W Broadway Ave
Minneapolis, MN 55429
NAICS code 813110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Minneapolis
In the Minneapolis area, 23 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 28 employees (compared to this company's 5) and received an average PPP loan of $233,253 (compared to this company's $75,000).
Similar Nearby Businesses Who Received PPP Funding:
Church Of St Alphonsus
Brooklyn United Methodist Church
Brooklyn Center, MN
ST. James Lutheran Church
First Lutheran Church Of Crystal
New Hope Church Efca
New Hope, MN
House Of Hope Lutheran Church
All Nations Christian Fellowship Inc
Brookdale Covenant Church
Brooklyn Center, MN
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, 140% higher than Olivet Baptist Church's reported 5 employees, and received an average PPP loan of $75,298, 0% higher than this company's loan of $75,000.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.
All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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