PPP Loan Data — Preservation Society Of Newport County, Newport, RI
Preservation Society Of Newport County is a professional association located at 424 Bellevue Ave in Newport, Rhode Island that received a Coronavirus-related PPP loan from the SBA of $2,568,046.00 in April, 2020.
$ PPP Loan Information
Preservation Society Of Newport County received a Paycheck Protection Loan of $2.57M through BANKNEWPORT, which was approved in April, 2020.
Based on standard PPP eligibility rules, Preservation Society Of Newport County's total 2019 payroll expenses were approximately $12.33M in order to qualify for the PPP loan amount received.
Based on their reported 245 jobs retained, this equals an estimated average yearly compensation of $50,313 per employee1.
Business Information - Preservation Society Of Newport County in Newport, RI
424 Bellevue Ave
Newport, RI 2840
Museums (NAICS code 712110)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: RI-01
Similar Companies near Newport
In the Newport area, 6 businesses in the "Museums" industry received a PPP loan. These local businesses reported an average of 51 employees (compared to this company's 245) and received an average PPP loan of $524,215 (compared to this company's $2.57M).
Similar Nearby Businesses Who Received PPP Funding:
Fort Adams Trust, Inc
Newport Art Museum And Art Association
The Company Of The Redwood Library & Athanaeum
American Civilization Foundation
Newport Restoration Foundation
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 Preservation Society Of Newport County's reported 245 employees, and received an average PPP loan of $162,172, 94% lower than this company's loan of $2.57M.
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.
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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