PPP Loan Data — Rectory School, Inc, Pomfret, CT
Rectory School, Inc is a corporation located at 528 Pomfret Street in Pomfret, Connecticut that received a Coronavirus-related PPP loan from the SBA of $1,589,500.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank Rhode Island
Rectory School, Inc in Pomfret, CT received a Paycheck Protection Loan of $1.59M through Bank Rhode Island, which was approved in April, 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 June, 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, Rectory School, Inc's 2019 payroll expenses are estimated to be at least $7.63M.
Based on their reported 137 jobs retained, this equals an estimated average yearly compensation of $55,691 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rectory School, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,589,500
Business Information - Rectory School, Inc in Pomfret, CT
528 Pomfret Street
Pomfret, CT 6258
Elementary and Secondary Schools
NAICS code 611110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Pomfret
In the Pomfret area, 2 businesses in the "Elementary and Secondary Schools" industry received a PPP loan. These local businesses reported an average of 149 employees (compared to this company's 137) and received an average PPP loan of $1,875,000 (compared to this company's $1.59M).
Similar Nearby Businesses Who Received PPP Funding:
Pomfret School Inc
Industry PPP Comparison Statistics
Nationwide, 22,714 businesses in the "Elementary and Secondary Schools" industry received a total of $7.35B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 38 employees, 72% lower than Rectory School, Inc's reported 137 employees, and received an average PPP loan of $323,643, 80% lower than this company's loan of $1.59M.
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Footnotes & Information
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