PPP Loan Data — Trustees Of Berwick Academy, South Berwick, ME
Trustees Of Berwick Academy is a non-profit organization located at 31 Academy St in South Berwick, Maine that received a Coronavirus-related PPP loan from the SBA of $2,175,477.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:East Boston Savings Bank
Trustees Of Berwick Academy in South Berwick, ME received a Paycheck Protection Loan of $2.18M through East Boston 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, Trustees Of Berwick Academy's 2019 payroll expenses are estimated to be at least $10.44M.
Based on their reported 146 jobs retained, this equals an estimated average yearly compensation of $71,523 per employee1
Reported PPP Proceed Usage:
On the PPP application, Trustees Of Berwick Academy reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,057,133
- Utilities: $65,104
- Mortgage Interest: $53,240
Business Information - Trustees Of Berwick Academy in South Berwick, ME
31 Academy St
South Berwick, ME 3908
Elementary and Secondary Schools
NAICS code 611110
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Rural
Similar Companies near South Berwick
In the South Berwick area, 3 businesses in the "Elementary and Secondary Schools" industry received a PPP loan. These local businesses reported an average of 113 employees (compared to this company's 146) and received an average PPP loan of $1,357,683 (compared to this company's $2.18M).
Similar Nearby Businesses Who Received PPP Funding:
Trustees Of Berwick Acadamy
South Berwick, ME
Brixham Montessori Friends School
Industry PPP Comparison Statistics
Nationwide, 22,714 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, 74% lower than Trustees Of Berwick Academy's reported 146 employees, and received an average PPP loan of $323,643, 85% lower than this company's loan of $2.18M.
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Footnotes & Information
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