PPP Loan Data — The Norwich Free Academy, Norwich, CT
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 Status:Paid in Full or Forgiven
Lender:Chelsea Groton Bank
The Norwich Free Academy in Norwich, CT received a Paycheck Protection Loan of $4.51M through Chelsea Groton 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 August, 2021.
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 More
Understanding 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 More
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 Norwich Free Academy's 2019 payroll expenses are estimated to be at least $21.66M.
Based on their reported 324 jobs retained, this equals an estimated average yearly compensation of $66,857 per employee1
Reported PPP Proceed Usage:
On the PPP application, The Norwich Free Academy reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,512,860
Business Information - The Norwich Free Academy in Norwich, CT
Norwich, CT 6360
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 Norwich
In the Norwich area, 4 businesses in the "Elementary and Secondary Schools" industry received a PPP loan. These local businesses reported an average of 89 employees (compared to this company's 324) and received an average PPP loan of $1,170,909 (compared to this company's $4.51M).
Similar Nearby Businesses Who Received PPP Funding:
Melady Educational Services, LLC
Montessori Discovery School, Incorporated
Industry PPP Comparison Statistics
Nationwide, 22,634 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, 88% lower than The Norwich Free Academy's reported 324 employees, and received an average PPP loan of $324,581, 93% 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. 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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