PPP Loan Data — Redeemed Christian Ch, Detroit, MI
Redeemed Christian Ch is a non-profit organization located at 13980 Greefield Road, in Detroit, Michigan that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in June, 2020.
The company has reported itself as a Black or african american male owned non-profit, and employed at least two people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Redeemed Christian Ch in Detroit, MI received a Paycheck Protection Loan of $25,000 through Comerica Bank, which was approved in June, 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, Redeemed Christian Ch's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Redeemed Christian Ch reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Redeemed Christian Ch in Detroit, MI
13980 Greefield Road,
Detroit, MI 48227
NAICS code 813110
Business Owner Demographics
Race: Black or African American
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Detroit
In the Detroit area, 51 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 11 employees (compared to this company's 2) and received an average PPP loan of $99,654 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Annunciation Greek Orthodox Cathedral
New Providence Baptist Church
International Community Development Corporation
St Aloysius Church
Greater Burnette Baptist Church
Isaac Agree Downtown Synagogue
New Hope Church Of The Nazarene
SS. Peter And Paul Jesuit Church
Industry PPP Comparison Statistics
Nationwide, 123,083 businesses in the "Religious Organizations" industry received a total of $9.27B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 12 employees, 500% higher than Redeemed Christian Ch's reported 2 employees, and received an average PPP loan of $75,298, 201% higher than this company's loan of $25,000.
FederalPay's PPP Information Policy
Footnotes & Information
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