PPP Loan Data — Wings Of Grace Ministries, Inc, Melbourne, FL
Wings Of Grace Ministries, Inc is a professional association located at 420 S Babcock St in Melbourne, Florida that received a Coronavirus-related PPP loan from the SBA of $25,217.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Wings Of Grace Ministries, Inc in Melbourne, FL received a Paycheck Protection Loan of $25,217 through Bank of America, National Association, which was approved in May, 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 April, 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, Wings Of Grace Ministries, Inc's 2019 payroll expenses are estimated to be at least $121,042.
Based on their reported 8 jobs retained, this equals an estimated average yearly compensation of $15,130 per employee1
Reported PPP Proceed Usage:
On the PPP application, Wings Of Grace Ministries, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,217
Business Information - Wings Of Grace Ministries, Inc in Melbourne, FL
420 S Babcock St
Melbourne, FL 32901
NAICS code 813110
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Melbourne
In the Melbourne area, 20 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 8) and received an average PPP loan of $52,443 (compared to this company's $25,217).
Similar Nearby Businesses Who Received PPP Funding:
Restoration Fellowship Ministries Inc
Life Changers Outreach Regiment, Inc
Presbyterian Church Of The Good Shepherd Of Melbourne, Flori
Greater Allen Chapel Ame Church
Macedonia Missionary Baptist Church Of Melbourne Inc
Iglesia Jornada AL Cielo Inc
First United Methodist Church Of Melbourne Inc
Kingdom Culture Church Of Palm Bay, Florida Incorporated
Macedonia Missionary Baptist Church Of M
Industry PPP Comparison Statistics
Nationwide, 123,083 businesses in the "Religious Organizations" industry received a total of $9.27B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 12 employees, 50% higher than Wings Of Grace Ministries, Inc's reported 8 employees, and received an average PPP loan of $75,298, 199% higher than this company's loan of $25,217.
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Footnotes & Information
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