The Arc Of Southern Maryland, Inc in Prince Frederick, MD - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — The Arc Of Southern Maryland, Inc, Prince Frederick, MD

MD Nonprofit Organization

The Arc Of Southern Maryland, Inc

Entity: Non-profit Organization

Industry: Services for the Elderly and Persons with Disabilities

Location: Prince Frederick, MD

The Arc Of Southern Maryland, Inc is a non-profit organization located at 355 West Dares Beach Road Po Box 1860 in Prince Frederick, Maryland that received a Coronavirus-related PPP loan from the SBA of $2,831,487.00 in April, 2020.

$ PPP Loan Information
Loan #4232337105

Loan Size:

$2.83M

Jobs Retained:

325

Loan Approved:

2020-04-13

Loan Status:

Paid in Full or Forgiven

Lender:

Community Bank of the Chesapeake

The Arc Of Southern Maryland, Inc in Prince Frederick, MD received a Paycheck Protection Loan of $2.83M through Community Bank of the Chesapeake, 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 November, 2021.

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, The Arc Of Southern Maryland, Inc's 2019 payroll expenses are estimated to be at least $13.59M.

Based on their reported 325 jobs retained, this equals an estimated average yearly compensation of $41,819 per employee¹

Reported PPP Proceed Usage:

On the PPP application, The Arc Of Southern Maryland, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $2,831,487

Because the loan received by The Arc Of Southern Maryland, Inc 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 - The Arc Of Southern Maryland, Inc in Prince Frederick, MD

The Arc Of Southern Maryland, Inc
355 West Dares Beach Road Po Box 1860
Prince Frederick, MD 20678

Business Industry:
Services for the Elderly and Persons with Disabilities
NAICS code 624120

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: Rural

Calvert County, MD — SBA Office 0373 — Congressional District: MD-05

Industry PPP Comparison Statistics

Nationwide, 13,075 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 28 employees, 91% lower than The Arc Of Southern Maryland, Inc's reported 325 employees, and received an average PPP loan of $162,855, 94% lower than this company's loan of $2.83M.

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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