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PPP Loan Data — Potomac Conference Corporation Of Seventh-Day Adventists, Staunton, VA

SBA PPP loan data, payroll data, and salaries for Potomac Conference Corporation Of Seventh-Day Adventists
VA Nonprofit Organization

Potomac Conference Corporation Of Seventh-Day Adventists

Entity: Non-profit Organization

Industry: Religious Organizations

Location: Staunton, VA

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Potomac Conference Corporation Of Seventh-Day Adventists is a non-profit organization located at Potomac Conference Corporation Of Seventh-day Adventists in Staunton, Virginia that received a Coronavirus-related PPP loan from the SBA of $5,400,000.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$5.4M

Jobs Retained:

393

Loan Approved:

2020-04-16

Lender:

FIRST BANK

Potomac Conference Corporation Of Seventh-Day Adventists in Staunton, VA received a Paycheck Protection Loan of $5.4M through FIRST BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Potomac Conference Corporation Of Seventh-Day Adventists' total 2019 payroll expenses were approximately $25.92M in order to qualify for the PPP loan amount received.

Based on their reported 393 jobs retained, this equals an estimated average yearly compensation of $65,954 per employee1.

Because the loan received by Potomac Conference Corporation Of Seventh-Day Adventists 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 - Potomac Conference Corporation Of Seventh-Day Adventists in Staunton, VA

Potomac Conference Corporation Of Seventh-Day Adventists
Potomac Conference Corporation Of Seventh-day Adventists
Staunton, VA 24401

Business Industry

Religious Organizations (NAICS code 813110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: VA-06

Similar Companies near Staunton

In the Staunton area, 19 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 25 employees (compared to this company's 393) and received an average PPP loan of $319,341 (compared to this company's $5.4M).

Industry PPP Comparison Statistics

Nationwide, 90,482 businesses in the "Religious Organizations" industry received a total of $7,309,297,472.00 in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 11 employees, 97% lower than Potomac Conference Corporation Of Seventh-Day Adventists' reported 393 employees, and received an average PPP loan of $80,782, 99% lower than this company's loan of $5.4M.

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.

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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/potomac-conference-corporation-of-seventh-day-adventists-staunton-va