PPP Loan Data — Springside Chestnut Hill Academy, Philadelphia, PA

PA Nonprofit Organization

Springside Chestnut Hill Academy

Entity: Non-profit Organization

Industry: Elementary and Secondary Schools

Location: Philadelphia, PA

Springside Chestnut Hill Academy is a non-profit organization located at 500 W Willow Grove Ave in Philadelphia, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $3,849,600.00 in April, 2020.

$ PPP Loan Information
Loan #8042437010

Loan Size:

$3.85M

Jobs Retained:

237

Loan Approved:

2020-04-08

Loan Status:

Paid in Full or Forgiven

Lender:

Loan Source Incorporated

Springside Chestnut Hill Academy in Philadelphia, PA received a Paycheck Protection Loan of $3.85M through Loan Source Incorporated, 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, 2022.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

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, Springside Chestnut Hill Academy's 2019 payroll expenses are estimated to be at least $18.48M.

Based on their reported 237 jobs retained, this equals an estimated average yearly compensation of $77,967 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Springside Chestnut Hill Academy reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,849,600

Because the loan received by Springside Chestnut Hill Academy is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Springside Chestnut Hill Academy in Philadelphia, PA

Springside Chestnut Hill Academy
500 W Willow Grove Ave
Philadelphia, PA 19118

Business Industry:
Elementary and Secondary Schools
NAICS code 611110

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Philadelphia County, PA — SBA Office 0303 — Congressional District: PA-03

Similar Companies near Philadelphia

In the Philadelphia area, 7 businesses in the "Elementary and Secondary Schools" industry received a PPP loan. These local businesses reported an average of 44 employees (compared to this company's 237) and received an average PPP loan of $643,147 (compared to this company's $3.85M).

Similar Nearby Businesses Who Received PPP Funding:

Adventure Game Inc
Philadelphia, PA

$1,650 PPP Loan

Blair Christian Academy And Child Care, Inc
Philadelphia, PA

$75,000 PPP Loan

Project Learn Inc
Philadelphia, PA

$68,117 PPP Loan

Eclectic Learning Network LLC
Philadelphia, PA

$18,010 PPP Loan

Project Learn School
Phila, PA

$66,455 PPP Loan

The Crefeld School
Philadelphia, PA

$423,200 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 22,633 businesses in the "Elementary and Secondary Schools" industry received a total of $7.35B 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 38 employees, 84% lower than Springside Chestnut Hill Academy's reported 237 employees, and received an average PPP loan of $324,642, 92% lower than this company's loan of $3.85M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.

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