PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Virginia Union University, Richmond, VA

ALERT: There are 2 PPP loans for a total of $5.33M in our database for businesses with the name "Virginia Union University" in Richmond, VA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Virginia Union University
VA

Virginia Union University

Entity: Corporation

Industry: Colleges, Universities, and Professional Schools

Location: Richmond, VA

Search All PPP Data

Virginia Union University is a corporation located at 1500 N Lombardy St in Richmond, Virginia that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.

$ PPP Loan Information
Loan #6306888606

Loan Size:

$2M

Jobs Retained:

263

Loan Approved:

2021-03-23

Loan Status:

Active Un-Disbursed

Lender:

VCC Bank
PPP Funds Undisbursed

Virginia Union University in Richmond, VA received a Paycheck Protection Loan of $2M through VCC Bank, which was approved in March, 2021.

While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $2M in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in March, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Virginia Union University's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 263 jobs retained, this equals an estimated average yearly compensation of $36,502 per employee1

Reported PPP Proceed Usage:

On the PPP application, Virginia Union University reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,000,000
Because the loan received by Virginia Union University is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Virginia Union University in Richmond, VA

Virginia Union University
1500 N Lombardy St
Richmond, VA 23220

Business Industry:
Colleges, Universities, and Professional Schools
NAICS code 611310

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Richmond City County, VA — SBA Office 0304 — Congressional District: VA-04

Industry PPP Comparison Statistics

Nationwide, 3,016 businesses in the "Colleges, Universities, and Professional Schools" industry received a total of $2.02B 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 81 employees, 69% lower than Virginia Union University's reported 263 employees, and received an average PPP loan of $670,691, 66% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Virginia Union University
VA

Virginia Union University

Entity: Corporation

Industry: Colleges, Universities, and Professional Schools

Location: Richmond, VA

Search All PPP Data

Virginia Union University is a corporation located at 1500 N Lombardy St in Richmond, Virginia that received a Coronavirus-related PPP loan from the SBA of $3,330,969.00 in April, 2020.

$ PPP Loan Information
Loan #3506467200

Loan Size:

$3.33M

Jobs Retained:

223

Loan Approved:

2020-04-27

Loan Status:

Ongoing Loan

Lender:

Fulton Bank, National Association

Virginia Union University in Richmond, VA received a Paycheck Protection Loan of $3.33M through Fulton Bank, National Association, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Virginia Union University's 2019 payroll expenses are estimated to be at least $15.99M.

Based on their reported 223 jobs retained, this equals an estimated average yearly compensation of $71,698 per employee1

Reported PPP Proceed Usage:

On the PPP application, Virginia Union University reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $3,330,969
Because the loan received by Virginia Union University is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Virginia Union University in Richmond, VA

Virginia Union University
1500 N Lombardy St
Richmond, VA 23220

Business Industry:
Colleges, Universities, and Professional Schools
NAICS code 611310

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Richmond City County, VA — SBA Office 0304 — Congressional District: VA-04

Industry PPP Comparison Statistics

Nationwide, 3,016 businesses in the "Colleges, Universities, and Professional Schools" industry received a total of $2.02B 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 81 employees, 64% lower than Virginia Union University's reported 223 employees, and received an average PPP loan of $670,691, 80% lower than this company's loan of $3.33M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


Have FederalPay.org's open data tools been valuable? Consider donating!

** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/virginia-union-university-richmond-va