PPP Loan Data — Southern Tier Independence Center, Inc, Binghamton, NY
Southern Tier Independence Center, Inc is a non-profit organization located at 135 E Frederick St in Binghamton, New York that received a Coronavirus-related PPP loan from the SBA of $2,706,700.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Tioga State Bank, National Association
Southern Tier Independence Center, Inc in Binghamton, NY received a Paycheck Protection Loan of $2.71M through Tioga State Bank, 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, Southern Tier Independence Center, Inc's 2019 payroll expenses are estimated to be at least $12.99M.
Based on their reported 432 jobs retained, this equals an estimated average yearly compensation of $30,074 per employee1
Reported PPP Proceed Usage:
On the PPP application, Southern Tier Independence Center, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,706,700
Business Information - Southern Tier Independence Center, Inc in Binghamton, NY
135 E Frederick St
Binghamton, NY 13904
Vocational Rehabilitation Services
NAICS code 624310
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 3,932 businesses in the "Vocational Rehabilitation Services" industry received a total of $878.96M 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 32 employees, 93% lower than Southern Tier Independence Center, Inc's reported 432 employees, and received an average PPP loan of $223,541, 92% lower than this company's loan of $2.71M.
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Footnotes & Information
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