PPP Loan Data — Southeastern Baptist Theological Seminary Inc, Wake Forest, NC
Southeastern Baptist Theological Seminary Inc is a corporation located at 244 N Wingate St in Wake Forest, North Carolina that received a Coronavirus-related PPP loan from the SBA of $3,509,900.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Southeastern Baptist Theological Seminary Inc in Wake Forest, NC received a Paycheck Protection Loan of $3.51M through Truist Bank d/b/a Branch Banking & Trust Co, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, Southeastern Baptist Theological Seminary Inc's 2019 payroll expenses are estimated to be at least $16.85M.
Based on their reported 488 jobs retained, this equals an estimated average yearly compensation of $34,524 per employee1
Reported PPP Proceed Usage:
On the PPP application, Southeastern Baptist Theological Seminary Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,509,900
Business Information - Southeastern Baptist Theological Seminary Inc in Wake Forest, NC
244 N Wingate St
Wake Forest, NC 27587
Colleges, Universities, and Professional Schools
NAICS code 611310
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 3,254 businesses in the "Colleges, Universities, and Professional Schools" industry received a total of $2.07B 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, 84% lower than Southeastern Baptist Theological Seminary Inc's reported 488 employees, and received an average PPP loan of $636,003, 82% lower than this company's loan of $3.51M.
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Footnotes & Information
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