PPP Loan Data — Sarah A Reed Retirement Center, Erie, PA
Sarah A Reed Retirement Center is a non-profit organization located at 227 West 22nd Street in Erie, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $1,704,833.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:KeyBank National Association
Sarah A Reed Retirement Center in Erie, PA received a Paycheck Protection Loan of $1.7M through KeyBank National Association, 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, Sarah A Reed Retirement Center's 2019 payroll expenses are estimated to be at least $8.18M.
Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $32,733 per employee1
Reported PPP Proceed Usage:
On the PPP application, Sarah A Reed Retirement Center reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,704,833
Business Information - Sarah A Reed Retirement Center in Erie, PA
227 West 22nd Street
Erie, PA 16502
Continuing Care Retirement Communities
NAICS code 623311
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 2,718 businesses in the "Continuing Care Retirement Communities" industry received a total of $1.53B 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 77 employees, 69% lower than Sarah A Reed Retirement Center's reported 250 employees, and received an average PPP loan of $561,944, 67% lower than this company's loan of $1.7M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!