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PPP Loan Data — Richfield Living, Salem, VA

SBA PPP loan data, payroll data, and salaries for Richfield Living
VA Nonprofit Organization

Richfield Living

Entity: Non-profit Organization

Industry: Assisted Living Facilities for the Elderly

Location: Salem, VA

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Richfield Living is a non-profit organization located at 3615 W Main Street in Salem, Virginia that received a Coronavirus-related PPP loan from the SBA of $3,246,540.00 in April, 2020.

The company has reported itself as a female owned non-profit.

$ PPP Loan Information

Loan Size:

$3.25M

Jobs Retained:

0 Unreported

Loan Approved:

2020-04-16

Lender:

THE BANK OF FINCASTLE

Richfield Living received a Paycheck Protection Loan of $3.25M through THE BANK OF FINCASTLE, which was approved in April, 2020.

Based on standard PPP eligibility rules, Richfield Living's total 2019 payroll expenses were approximately $15.58M in order to qualify for the PPP loan amount received.

Unlike most businesses, Richfield Living's PPP data does not report the number of jobs retained by their receipt of the Paycheck Protection Loan (some banks did not release this infomation from their loan applications). Without this data, per-employee payrolls for this company cannot be estimated.

Because the loan received by Richfield Living is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Richfield Living in Salem, VA

Richfield Living
3615 W Main Street
Salem, VA 24153

Business Industry

Assisted Living Facilities for the Elderly (NAICS code 623312)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: FEMALE OWNED

Veteran Status: NON-VETERAN

Congressional District: VA-09

Industry PPP Comparison Statistics

Nationwide, 6,544 businesses in the "Assisted Living Facilities for the Elderly" industry received a total of $1,444,187,946.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 32 employees, and received an average PPP loan of $220,689, 93% lower than this company's loan of $3.25M.

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.

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Footnotes & Information

1. 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.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/richfield-living-salem-va