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PPP Loan Data — The Fortune Society,Inc,
Long Island City, NY
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.
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PPP Loan Information
Loan #9623407102
Loan Size:
Jobs Retained:
363Loan Approved:
2020-04-15Loan Status:
Paid in Full or ForgivenLender:
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.
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 May, 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.
Read MoreUnderstanding 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.
Read MoreBased 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 Fortune Society,Inc's 2019 payroll expenses are estimated to be at least $18.54M.
Based on their reported 363 jobs retained, this equals an estimated average yearly compensation of $51,088 per employee1
Reported PPP Proceed Usage:
On the PPP application, The Fortune Society,Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,863,500
Business Information - The Fortune Society,Inc in Long Island City, NY
2976 Northern Blvd
Long Island City, NY 11101
Business Industry:
Other Social Advocacy Organizations
NAICS code 813319
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
Businesses Using Same Address:
There are 2 other businesses that received a PPP loan registered to the same address as The Fortune Society,Inc.
Trimaxion Fine Arts LLC
General Warehousing and Storage
29-76 Realty Co LLC
Offices of Real Estate Agents and Brokers
Similar Companies near Long Island City
In the Long Island City area, 11 businesses in the "Other Social Advocacy Organizations" industry received a PPP loan. These local businesses reported an average of 45 employees (compared to this company's 363) and received an average PPP loan of $555,204 (compared to this company's $3.86M).
Similar Nearby Businesses Who Received PPP Funding:
Long Island City Partnership
Long Island City, NY
Long Island City Partnership Inc
Long Island City, NY
The Common Good Institute Inc
Long Island City, NY
Brandworkers International Inc
Long Island City, NY
Pursuit Transformation Company Inc
Long Island City, NY
Pursuit Transformation Inc
Long Island City, NY
Indego Africa Project
Long Island City, NY
The Debate Society LTD
Long Island City, NY
Industry PPP Comparison Statistics
Nationwide, 9,843 businesses in the "Other Social Advocacy Organizations" industry received a total of $1.43B 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 16 employees, 96% lower than The Fortune Society,Inc's reported 363 employees, and received an average PPP loan of $145,157, 96% 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, 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.
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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