FederalPay.org
PPP Loan Data — Reign Ministries,
Crystal, MN
Reign Ministries
Entity: Non-profit Organization
Industry: Religious Organizations
Location: Crystal, MN
Tweet This
•
Search All PPP Data
Reign Ministries is a non-profit organization located at 5401 Broadway Ave W in Crystal, Minnesota that received a Coronavirus-related PPP loan from the SBA of $229,071.00 in April, 2020.
$
PPP Loan Information
Loan #2875417306
Loan Size:
Jobs Retained:
26Loan Approved:
2020-04-29Loan Status:
Paid in Full or ForgivenLender:
U.S. Bank, National AssociationReign Ministries in Crystal, MN received a Paycheck Protection Loan of $229,071 through U.S. 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 January, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Reign Ministries' 2019 payroll expenses are estimated to be at least $1.1M.
Based on their reported 26 jobs retained, this equals an estimated average yearly compensation of $42,290 per employee1
Reported PPP Proceed Usage:
On the PPP application, Reign Ministries reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $229,071
Business Information - Reign Ministries in Crystal, MN
5401 Broadway Ave W
Crystal, MN 55428
Business Industry:
Religious Organizations
NAICS code 813110
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: N
Rural / Urban: Urban
Similar Companies near Crystal
In the Crystal area, 28 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 31 employees (compared to this company's 26) and received an average PPP loan of $225,792 (compared to this company's $229,071).
Similar Nearby Businesses Who Received PPP Funding:
Holy Trinity Lutheran Church
New Hope, MN
Prince Of Peace Lutheran Church Of Brooklyn Park, Minnesota
Minneapolis, MN
Miracle City Charismatic Church International
Minneapolis, MN
New Hope Christian Life Center
Minneapolis, MN
First Lutheran Church Of Crystal
Brooklyn Park, MN
Brooklyn Park Lutheran Church
Minneapolis, MN
House Of Hope Lutheran Church
Minneapolis, MN
Brooklyn United Methodist Church
Brooklyn Center, MN
END Time Apostolic Church Inc
Brooklyn Park, MN
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, 54% lower than Reign Ministries' reported 26 employees, and received an average PPP loan of $75,298, 67% lower than this company's loan of $229,071.
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. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. 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.
Have FederalPay.org's open data tools been valuable? Consider donating!