PPP Loan Data — The Cleveland Institute Of Art, Cleveland, OH
The Cleveland Institute Of Art is a non-profit organization located at 11610 Euclid Avenue in Cleveland, Ohio that received a Coronavirus-related PPP loan from the SBA of $2,279,200.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:KeyBank National Association
The Cleveland Institute Of Art in Cleveland, OH received a Paycheck Protection Loan of $2.28M through KeyBank 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, The Cleveland Institute Of Art's 2019 payroll expenses are estimated to be at least $10.94M.
Based on their reported 393 jobs retained, this equals an estimated average yearly compensation of $27,838 per employee1
Reported PPP Proceed Usage:
On the PPP application, The Cleveland Institute Of Art reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,279,200
Business Information - The Cleveland Institute Of Art in Cleveland, OH
11610 Euclid Avenue
Cleveland, OH 44106
NAICS code 611210
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Cleveland
In the Cleveland area, 3 businesses in the "Junior Colleges" industry received a PPP loan. These local businesses reported an average of 262 employees (compared to this company's 393) and received an average PPP loan of $1,440,976 (compared to this company's $2.28M).
Similar Nearby Businesses Who Received PPP Funding:
Case Alumni Association Incorporated
The Cleveland Institute Of Music
Industry PPP Comparison Statistics
Nationwide, 296 businesses in the "Junior Colleges" industry received a total of $95.85M 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 44 employees, 89% lower than The Cleveland Institute Of Art's reported 393 employees, and received an average PPP loan of $323,825, 86% lower than this company's loan of $2.28M.
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Footnotes & Information
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