PPP Loan Data — Tompkins Consolidated Area Transit, Inc, Ithaca, NY
Tompkins Consolidated Area Transit, Inc is a non-profit organization located at 737 Willow Ave in Ithaca, New York that received a Coronavirus-related PPP loan from the SBA of $1,520,900.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Elmira Savings Bank
Tompkins Consolidated Area Transit, Inc in Ithaca, NY received a Paycheck Protection Loan of $1.52M through Elmira Savings 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 May, 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, Tompkins Consolidated Area Transit, Inc's 2019 payroll expenses are estimated to be at least $7.3M.
Based on their reported 141 jobs retained, this equals an estimated average yearly compensation of $51,775 per employee1
Reported PPP Proceed Usage:
On the PPP application, Tompkins Consolidated Area Transit, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,201,118
- Utilities: $27,100
- Rent: $6,600
- Health Care: $277,382
- Debt Interest: $8,700
Business Information - Tompkins Consolidated Area Transit, Inc in Ithaca, NY
737 Willow Ave
Ithaca, NY 14850
Bus and Other Motor Vehicle Transit Systems
NAICS code 485113
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, 1,381 businesses in the "Bus and Other Motor Vehicle Transit Systems" industry received a total of $106.55M 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, 93% lower than Tompkins Consolidated Area Transit, Inc's reported 141 employees, and received an average PPP loan of $77,151, 95% lower than this company's loan of $1.52M.
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Footnotes & Information
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