PPP Loan Data — Summerfield Peace United Methodist Church Inc, Summerfield, NC
Summerfield Peace United Methodist Church Inc is a non-profit organization located at 2334 Scalesville Rd in Summerfield, North Carolina that received a Coronavirus-related PPP loan from the SBA of $25,500.00 in May, 2020.
The company has reported itself as a male owned non-profit, and employed at least seven people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of Oak Ridge
Summerfield Peace United Methodist Church Inc in Summerfield, NC received a Paycheck Protection Loan of $25,500 through Bank of Oak Ridge, which was approved in May, 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, Summerfield Peace United Methodist Church Inc's 2019 payroll expenses are estimated to be at least $122,400.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $17,486 per employee1
Reported PPP Proceed Usage:
On the PPP application, Summerfield Peace United Methodist Church Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,500
Business Information - Summerfield Peace United Methodist Church Inc in Summerfield, NC
2334 Scalesville Rd
Summerfield, NC 27358
NAICS code 813110
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Change of Ownership
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Summerfield
In the Summerfield area, 9 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 7) and received an average PPP loan of $15,726 (compared to this company's $25,500).
Similar Nearby Businesses Who Received PPP Funding:
The Lord's Church Of Greater Greensboro
Living The New Life Ministries Inc
MT. Zion United Methodist Church
Stokesdale United Methodist Church
Stokesdale Christian Church NC Inc
Liberty Wesleyan Church
Oak Springs Baptist Church
Industry PPP Comparison Statistics
Nationwide, 123,083 businesses in the "Religious Organizations" industry received a total of $9.27B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 12 employees, 71% higher than Summerfield Peace United Methodist Church Inc's reported 7 employees, and received an average PPP loan of $75,298, 195% higher than this company's loan of $25,500.
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Footnotes & Information
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