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PPP Loan Data — Peabody Essex Museum, Inc., Salem, MA

SBA PPP loan data, payroll data, and salaries for Peabody Essex Museum, Inc.
MA Nonprofit Organization

Peabody Essex Museum, Inc.

Entity: Non-profit Organization

Industry: Museums

Location: Salem, MA

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Peabody Essex Museum, Inc. is a non-profit organization located at 161 Essex St in Salem, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $2,507,000.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.51M

Jobs Retained:

221

Loan Approved:

2020-04-07

Lender:

SALEM FIVE CENTS SAVINGS BANK

Peabody Essex Museum, Inc. in Salem, MA received a Paycheck Protection Loan of $2.51M through SALEM FIVE CENTS SAVINGS BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Peabody Essex Museum, Inc.'s total 2019 payroll expenses were approximately $12.03M in order to qualify for the PPP loan amount received.

Based on their reported 221 jobs retained, this equals an estimated average yearly compensation of $54,451 per employee1.

Because the loan received by Peabody Essex Museum, Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Peabody Essex Museum, Inc. in Salem, MA

Peabody Essex Museum, Inc.
161 Essex St
Salem, MA 01970

Business Industry

Museums (NAICS code 712110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MA-06

Similar Companies near Salem

In the Salem area, 6 businesses in the "Museums" industry received a PPP loan. These local businesses reported an average of 61 employees (compared to this company's 221) and received an average PPP loan of $507,459 (compared to this company's $2.51M).

Industry PPP Comparison Statistics

Nationwide, 4,135 businesses in the "Museums" industry received a total of $670,583,040.00 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, 93% lower than Peabody Essex Museum, Inc.'s reported 221 employees, and received an average PPP loan of $162,172, 94% lower than this company's loan of $2.51M.

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, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. 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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Source: www.federalpay.org/paycheck-protection-program/peabody-essex-museum-inc-salem-ma