PPP Loan Data — VA Lutheran Homes Inc, Roanoke, VA
VA Lutheran Homes Inc is a non-profit organization located at 3807 Brandon Ave Sw Ste 2440 in Roanoke, Virginia that received a Coronavirus-related PPP loan from the SBA of $1,946,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Atlantic Union Bank
VA Lutheran Homes Inc in Roanoke, VA received a Paycheck Protection Loan of $1.95M through Atlantic Union 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, VA Lutheran Homes Inc's 2019 payroll expenses are estimated to be at least $9.34M.
Based on their reported 292 jobs retained, this equals an estimated average yearly compensation of $31,989 per employee1
Reported PPP Proceed Usage:
On the PPP application, VA Lutheran Homes Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,946,000
Business Information - VA Lutheran Homes Inc in Roanoke, VA
3807 Brandon Ave Sw Ste 2440
Roanoke, VA 24018
Continuing Care Retirement Communities
NAICS code 623311
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Roanoke
In the Roanoke area, 2 businesses in the "Continuing Care Retirement Communities" industry received a PPP loan. These local businesses reported an average of 150 employees (compared to this company's 292) and received an average PPP loan of $1,006,298 (compared to this company's $1.95M).
Similar Nearby Businesses Who Received PPP Funding:
Edinburgh Square Foundation
Industry PPP Comparison Statistics
Nationwide, 2,718 businesses in the "Continuing Care Retirement Communities" industry received a total of $1.53B 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 77 employees, 74% lower than VA Lutheran Homes Inc's reported 292 employees, and received an average PPP loan of $561,944, 71% lower than this company's loan of $1.95M.
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Footnotes & Information
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