PPP Loan Data — Westminster Village Inc, Bloomington, IL
Westminster Village Inc is a non-profit organization located at 2025 E Lincoln St in Bloomington, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,703,974.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First Midwest Bank
Westminster Village Inc in Bloomington, IL received a Paycheck Protection Loan of $1.7M through First Midwest 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 January, 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, Westminster Village Inc's 2019 payroll expenses are estimated to be at least $8.18M.
Based on their reported 236 jobs retained, this equals an estimated average yearly compensation of $34,657 per employee1
Reported PPP Proceed Usage:
On the PPP application, Westminster Village Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,703,974
Business Information - Westminster Village Inc in Bloomington, IL
2025 E Lincoln St
Bloomington, IL 61701
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
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, 67% lower than Westminster Village Inc's reported 236 employees, and received an average PPP loan of $561,944, 67% lower than this company's loan of $1.7M.
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Footnotes & Information
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