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PPP Loan Data — The Fortune Society,Inc., Long Island City, NY

SBA PPP loan data, payroll data, and salaries for The Fortune Society,Inc.
NY Nonprofit Organization

The Fortune Society,Inc.

Entity: Non-profit Organization

Industry: Other Social Advocacy Organizations

Location: Long Island City, NY

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The Fortune Society,Inc. is a non-profit organization located at 2976 Northern Blvd in Long Island City, New York that received a Coronavirus-related PPP loan from the SBA of $3,863,500.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.86M

Jobs Retained:

363

Loan Approved:

2020-04-15

Lender:

CITIBANK, N.A.

The Fortune Society,Inc. in Long Island City, NY received a Paycheck Protection Loan of $3.86M through CITIBANK, N.A., which was approved in April, 2020.

Based on standard PPP eligibility rules, The Fortune Society,Inc.'s total 2019 payroll expenses were approximately $18.54M in order to qualify for the PPP loan amount received.

Based on their reported 363 jobs retained, this equals an estimated average yearly compensation of $51,088 per employee1.

Because the loan received by The Fortune Society,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 Fortune Society,Inc. in Long Island City, NY

The Fortune Society,Inc.
2976 Northern Blvd
Long Island City, NY 11101

Business Industry

Other Social Advocacy Organizations (NAICS code 813319)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NY-12

Similar Companies near Long Island City

In the Long Island City area, 4 businesses in the "Other Social Advocacy Organizations" industry received a PPP loan. These local businesses reported an average of 107 employees (compared to this company's 363) and received an average PPP loan of $1,223,893 (compared to this company's $3.86M).

Industry PPP Comparison Statistics

Nationwide, 5,930 businesses in the "Other Social Advocacy Organizations" industry received a total of $1,048,421,927.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 17 employees, 95% lower than The Fortune Society,Inc.'s reported 363 employees, and received an average PPP loan of $176,800, 95% lower than this company's loan of $3.86M.

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, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/the-fortune-society-inc-long-island-city-ny