PPP Loan Data — The Nansemond-Suffolk Academy Assoc. Inc, Suffolk, VA
The Nansemond-Suffolk Academy Assoc. Inc is a non-profit organization located at 3373 Pruden Blvd in Suffolk, Virginia that received a Coronavirus-related PPP loan from the SBA of $1,658,967.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
The Nansemond-Suffolk Academy Assoc. Inc in Suffolk, VA received a Paycheck Protection Loan of $1.66M through Towne Bank, 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 February, 2021.
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 Nansemond-Suffolk Academy Assoc. Inc's 2019 payroll expenses are estimated to be at least $7.96M.
Based on their reported 160 jobs retained, this equals an estimated average yearly compensation of $49,769 per employee1
Reported PPP Proceed Usage:
On the PPP application, The Nansemond-Suffolk Academy Assoc. Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,658,967
Business Information - The Nansemond-Suffolk Academy Assoc. Inc in Suffolk, VA
3373 Pruden Blvd
Suffolk, VA 23434
Elementary and Secondary Schools
NAICS code 611110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Suffolk
In the Suffolk area, 3 businesses in the "Elementary and Secondary Schools" industry received a PPP loan. These local businesses reported an average of 68 employees (compared to this company's 160) and received an average PPP loan of $653,648 (compared to this company's $1.66M).
Similar Nearby Businesses Who Received PPP Funding:
Lanka Educational Corporation
Montessori Academy Of Virginia
Industry PPP Comparison Statistics
Nationwide, 22,714 businesses in the "Elementary and Secondary Schools" industry received a total of $7.35B 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 38 employees, 76% lower than The Nansemond-Suffolk Academy Assoc. Inc's reported 160 employees, and received an average PPP loan of $323,643, 80% lower than this company's loan of $1.66M.
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Footnotes & Information
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