PPP Loan Data — Red Lion American Legion Post 543, Red Lion, PA
Red Lion American Legion Post 543 is a corporation located at 23 E Broadway in Red Lion, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $24,818.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Fulton Bank, National Association
Red Lion American Legion Post 543 in Red Lion, PA received a Paycheck Protection Loan of $24,818 through Fulton Bank, National Association, 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 December, 2020.
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, Red Lion American Legion Post 543's 2019 payroll expenses are estimated to be at least $119,126.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $59,563 per employee1
Reported PPP Proceed Usage:
On the PPP application, Red Lion American Legion Post 543 reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $9,927
- Utilities: $7,446
- Rent: $7,446
Business Information - Red Lion American Legion Post 543 in Red Lion, PA
23 E Broadway
Red Lion, PA 17356
Civic and Social Organizations
NAICS code 813410
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Red Lion
In the Red Lion area, 2 businesses in the "Civic and Social Organizations" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 2) and received an average PPP loan of $19,789 (compared to this company's $24,818).
Similar Nearby Businesses Who Received PPP Funding:
Community Reach Inc
Red Lion, PA
Industry PPP Comparison Statistics
Nationwide, 18,550 businesses in the "Civic and Social Organizations" industry received a total of $2.6B 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 20 employees, 900% higher than Red Lion American Legion Post 543's reported 2 employees, and received an average PPP loan of $140,085, 464% higher than this company's loan of $24,818.
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Footnotes & Information
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