PPP Loan Data — Renaissance Community Homes, Milan, MI
Renaissance Community Homes
Entity: Non-profit Organization
Location: Milan, MITweet This • Search All PPP Data
Renaissance Community Homes is a non-profit organization located at 25 E. Main St in Milan, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,732,600.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Renaissance Community Homes in Milan, MI received a Paycheck Protection Loan of $1.73M through Comerica Bank, which was approved in April, 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, Renaissance Community Homes' 2019 payroll expenses are estimated to be at least $8.32M.
Based on their reported 345 jobs retained, this equals an estimated average yearly compensation of $24,106 per employee1
Reported PPP Proceed Usage:
On the PPP application, Renaissance Community Homes reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,732,600
Business Information - Renaissance Community Homes in Milan, MI
25 E. Main St
Milan, MI 48160
Residential Mental Health and Substance Abuse Facilities
NAICS code 623220
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 3,600 businesses in the "Residential Mental Health and Substance Abuse Facilities" industry received a total of $1.06B 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 36 employees, 90% lower than Renaissance Community Homes' reported 345 employees, and received an average PPP loan of $295,104, 83% lower than this company's loan of $1.73M.
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Footnotes & Information
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