PPP Loan Data — Somerville-Cambridge Elder Services, Inc, Somerville, MA
Somerville-Cambridge Elder Services, Inc
Entity: Non-profit Organization
Location: Somerville, MATweet This • Search All PPP Data
Somerville-Cambridge Elder Services, Inc is a non-profit organization located at 61 Medford St in Somerville, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $1,725,950.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Cambridge Trust Company
Somerville-Cambridge Elder Services, Inc in Somerville, MA received a Paycheck Protection Loan of $1.73M through Cambridge Trust Company, 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 February, 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, Somerville-Cambridge Elder Services, Inc's 2019 payroll expenses are estimated to be at least $8.28M.
Based on their reported 147 jobs retained, this equals an estimated average yearly compensation of $56,358 per employee1
Reported PPP Proceed Usage:
On the PPP application, Somerville-Cambridge Elder Services, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,613,566
- Utilities: $8,000
- Rent: $104,383
Business Information - Somerville-Cambridge Elder Services, Inc in Somerville, MA
61 Medford St
Somerville, MA 2143
Services for the Elderly and Persons with Disabilities
NAICS code 624120
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Somerville
In the Somerville area, 2 businesses in the "Services for the Elderly and Persons with Disabilities" industry received a PPP loan. These local businesses reported an average of 122 employees (compared to this company's 147) and received an average PPP loan of $1,027,675 (compared to this company's $1.73M).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 13,270 businesses in the "Services for the Elderly and Persons with Disabilities" industry received a total of $2.13B 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 27 employees, 82% lower than Somerville-Cambridge Elder Services, Inc's reported 147 employees, and received an average PPP loan of $160,784, 91% lower than this company's loan of $1.73M.
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Footnotes & Information
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