PPP Loan Data — Sandals Church, Riverside, CA
Sandals Church is a non-profit organization located at 150 Palmyrita Ave in Riverside, California that received a Coronavirus-related PPP loan from the SBA of $1,889,742.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Loan Source Incorporated
Sandals Church in Riverside, CA received a Paycheck Protection Loan of $1.89M through Loan Source Incorporated, 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, Sandals Church's 2019 payroll expenses are estimated to be at least $9.07M.
Based on their reported 236 jobs retained, this equals an estimated average yearly compensation of $38,435 per employee1
Reported PPP Proceed Usage:
On the PPP application, Sandals Church reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,493,869
- Utilities: $61,612
- Rent: $23,618
- Debt Interest: $310,643
Business Information - Sandals Church in Riverside, CA
150 Palmyrita Ave
Riverside, CA 92507
NAICS code 813110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Riverside
In the Riverside area, 34 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 32 employees (compared to this company's 236) and received an average PPP loan of $205,669 (compared to this company's $1.89M).
Similar Nearby Businesses Who Received PPP Funding:
All Saints Episcopal Church Riverside
Trinity Evangelical Lutheran Church
Second Baptist Church
Riverside Temple Beth El
Riverside Temple Beth El-Owner
Masjed Of Riverside
Saint Andrew Orthodox Christian Church
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, 95% lower than Sandals Church's reported 236 employees, and received an average PPP loan of $75,298, 96% lower than this company's loan of $1.89M.
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Footnotes & Information
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