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PPP Loan Data — Word Of Life Fellowship, Inc,
Schroon Lake, NY
Word Of Life Fellowship, Inc
Entity: Non-profit Organization
Industry: Religious Organizations
Location: Schroon Lake, NY
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Word Of Life Fellowship, Inc is a non-profit organization located at 210 Registration Way in Schroon Lake, New York that received a Coronavirus-related PPP loan from the SBA of $2,854,500.00 in April, 2020.
$
PPP Loan Information
Loan #5095217003
Loan Size:
Jobs Retained:
458Loan Approved:
2020-04-05Loan Status:
Paid in Full or ForgivenLender:
Glens Falls National Bank and Trust CompanyWord Of Life Fellowship, Inc in Schroon Lake, NY received a Paycheck Protection Loan of $2.85M through Glens Falls National Bank and Trust Company, 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 October, 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 MoreUnderstanding 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 MoreBased 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, Word Of Life Fellowship, Inc's 2019 payroll expenses are estimated to be at least $13.7M.
Based on their reported 458 jobs retained, this equals an estimated average yearly compensation of $29,916 per employee1
Reported PPP Proceed Usage:
On the PPP application, Word Of Life Fellowship, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,854,500
Business Information - Word Of Life Fellowship, Inc in Schroon Lake, NY
210 Registration Way
Schroon Lake, NY 12870
Business Industry:
Religious Organizations
NAICS code 813110
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: Rural
Similar Companies near Schroon Lake
In the Schroon Lake area, 7 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 68 employees (compared to this company's 458) and received an average PPP loan of $415,410 (compared to this company's $2.85M).
Similar Nearby Businesses Who Received PPP Funding:
Schuylerville Methodist Church
Schuylerville, NY
Our Lady Of Lourdes Church
Schroon Lake, NY
Old Saratoga Reformed Chruch
Schuylerville, NY
Bacon Hill Reformed Church
Schuylerville, NY
Notre Dame Delourdes Church
Schuylerville, NY
Industry PPP Comparison Statistics
Nationwide, 122,670 businesses in the "Religious Organizations" industry received a total of $9.25B 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, 97% lower than Word Of Life Fellowship, Inc's reported 458 employees, and received an average PPP loan of $75,418, 97% lower than this company's loan of $2.85M.
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.
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.
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