PPP Loan Data — One7 Ministries Inc, Charlotte, NC
One7 Ministries Inc is a non-profit organization located at 2511 Finchley Drive in Charlotte, North Carolina that received a Coronavirus-related PPP loan from the SBA of $25,495.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
One7 Ministries Inc in Charlotte, NC received a Paycheck Protection Loan of $25,495 through Bank of America, National Association, which was approved in May, 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 March, 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, One7 Ministries Inc's 2019 payroll expenses are estimated to be at least $122,376.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,594 per employee1
Reported PPP Proceed Usage:
On the PPP application, One7 Ministries Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,495
Business Information - One7 Ministries Inc in Charlotte, NC
2511 Finchley Drive
Charlotte, NC 28215
NAICS code 813110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Charlotte
In the Charlotte area, 74 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 4) and received an average PPP loan of $61,792 (compared to this company's $25,495).
Similar Nearby Businesses Who Received PPP Funding:
Greater Bethel A.m.e. Church
A Mighty Fortress Evangelical Lutheran Church
Living Faith Baptist Church
Robinson Presbyterian Church
ST. Michael Eritrean Orthodox Tewahdo Church
Our Lady Of The Assumption Catholic Chur
Durham Memorial Baptist Church - Charlotte, NC
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, 200% higher than One7 Ministries Inc's reported 4 employees, and received an average PPP loan of $75,298, 195% higher than this company's loan of $25,495.
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Footnotes & Information
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