PPP Loan Data — Thomas College, Waterville, ME
Thomas College is a non-profit organization located at 180 West River Road in Waterville, Maine that received a Coronavirus-related PPP loan from the SBA of $2,227,900.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bangor Savings Bank
Thomas College in Waterville, ME received a Paycheck Protection Loan of $2.23M through Bangor Savings Bank, which was approved in April, 2020.
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, Thomas College's 2019 payroll expenses are estimated to be at least $10.69M.
Based on their reported 201 jobs retained, this equals an estimated average yearly compensation of $53,204 per employee1
Reported PPP Proceed Usage:
On the PPP application, Thomas College reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,227,900
Business Information - Thomas College in Waterville, ME
180 West River Road
Waterville, ME 4901
Business and Secretarial Schools
NAICS code 611410
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 399 businesses in the "Business and Secretarial Schools" industry received a total of $35.47M 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 10 employees, 95% lower than Thomas College's reported 201 employees, and received an average PPP loan of $88,903, 96% lower than this company's loan of $2.23M.
FederalPay's PPP Information Policy
Footnotes & Information
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