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
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.
Business Information - The Norwich Free Academy in Norwich, CT
Norwich, CT 6360
Elementary and Secondary Schools (NAICS code 611110)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional 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).
Similar Nearby Businesses Who Received PPP Funding:
Montessori Discovery School, Incorporated
Melady Educational Services, LLC
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.
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Footnotes & Information
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