PPP Loan Data — Salem Township Hospital, Salem, IL
Salem Township Hospital is a non-profit organization located at 1201 Ricker Rd in Salem, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,598,182.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Peoples National Bank, National Association
Salem Township Hospital in Salem, IL received a Paycheck Protection Loan of $2.6M through Peoples National 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 June, 2021.
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, Salem Township Hospital's 2019 payroll expenses are estimated to be at least $12.47M.
Based on their reported 206 jobs retained, this equals an estimated average yearly compensation of $60,540 per employee1
Reported PPP Proceed Usage:
On the PPP application, Salem Township Hospital reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,598,182
Business Information - Salem Township Hospital in Salem, IL
1201 Ricker Rd
Salem, IL 62881
General Medical and Surgical Hospitals
NAICS code 622110
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, 9,269 businesses in the "General Medical and Surgical Hospitals" industry received a total of $3.57B 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, 83% lower than Salem Township Hospital's reported 206 employees, and received an average PPP loan of $385,289, 85% lower than this company's loan of $2.6M.
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Footnotes & Information
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