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PPP Loan Data — The Norwich Free Academy, Norwich, CT

SBA PPP loan data, payroll data, and salaries for The Norwich Free Academy
CT Nonprofit Organization

The Norwich Free Academy

Entity: Non-profit Organization

Industry: Elementary and Secondary Schools

Location: Norwich, CT

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The Norwich Free Academy is a non-profit organization located at 305 Broadway in Norwich, Connecticut that received a Coronavirus-related PPP loan from the SBA of $4,512,860.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$4.51M

Jobs Retained:

324

Loan Approved:

2020-04-14

Lender:

CHELSEA GROTON BANK

The Norwich Free Academy received a Paycheck Protection Loan of $4.51M through CHELSEA GROTON BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, The Norwich Free Academy's total 2019 payroll expenses were approximately $21.66M in order to qualify for the PPP loan amount received.

Based on their reported 324 jobs retained, this equals an estimated average yearly compensation of $66,857 per employee1.

Because the loan received by The Norwich Free Academy 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 Norwich Free Academy in Norwich, CT

The Norwich Free Academy
305 Broadway
Norwich, CT 6360

Business Industry

Elementary and Secondary Schools (NAICS code 611110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: CT-02

Similar Companies near Norwich

In the Norwich area, 3 businesses in the "Elementary and Secondary Schools" industry received a PPP loan. These local businesses reported an average of 114 employees (compared to this company's 324) and received an average PPP loan of $1,537,320 (compared to this company's $4.51M).

Industry PPP Comparison Statistics

Nationwide, 15,362 businesses in the "Elementary and Secondary Schools" industry received a total of $5,824,752,723.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 38 employees, 88% lower than The Norwich Free Academy's reported 324 employees, and received an average PPP loan of $379,166, 92% lower than this company's loan of $4.51M.

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.

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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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Source: www.federalpay.org/paycheck-protection-program/the-norwich-free-academy-norwich-ct