PPP Loan Data — Renewal Incorporated, Pittsburgh, PA
Renewal Incorporated is a non-profit organization located at 326 3rd Ave in Pittsburgh, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $2,049,710.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First Commonwealth Bank
Renewal Incorporated in Pittsburgh, PA received a Paycheck Protection Loan of $2.05M through First Commonwealth 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, Renewal Incorporated's 2019 payroll expenses are estimated to be at least $9.84M.
Based on their reported 165 jobs retained, this equals an estimated average yearly compensation of $59,628 per employee1
Reported PPP Proceed Usage:
On the PPP application, Renewal Incorporated reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,049,710
Business Information - Renewal Incorporated in Pittsburgh, PA
326 3rd Ave
Pittsburgh, PA 15222
NAICS code 922140
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 74 businesses in the "Correctional Institutions" industry received a total of $20.45M 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 32 employees, 81% lower than Renewal Incorporated's reported 165 employees, and received an average PPP loan of $276,332, 87% lower than this company's loan of $2.05M.
FederalPay's PPP Information Policy
Footnotes & Information
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