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PPP Loan Data — Word Of Life Fellowship, Inc., Schroon Lake, NY

SBA PPP loan data, payroll data, and salaries for Word Of Life Fellowship, Inc.
NY Nonprofit Organization

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 Size:

$2.85M

Jobs Retained:

250

Loan Approved:

2020-04-05

Lender:

GLENS FALLS NATIONAL BANK AND TRUST COMPANY

Word 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.

Based on standard PPP eligibility rules, Word Of Life Fellowship, Inc.'s total 2019 payroll expenses were approximately $13.7M in order to qualify for the PPP loan amount received.

Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $54,806 per employee1.

Because the loan received by Word Of Life Fellowship, Inc. 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 - Word Of Life Fellowship, Inc. in Schroon Lake, NY

Word Of Life Fellowship, Inc.
210 Registration Way
Schroon Lake, NY 12870

Business Industry

Religious Organizations (NAICS code 813110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NY-21

Similar Companies near Schroon Lake

In the Schroon Lake area, 6 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 45 employees (compared to this company's 250) and received an average PPP loan of $483,600 (compared to this company's $2.85M).

Industry PPP Comparison Statistics

Nationwide, 90,482 businesses in the "Religious Organizations" industry received a total of $7,309,297,472.00 in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 11 employees, 96% lower than Word Of Life Fellowship, Inc.'s reported 250 employees, and received an average PPP loan of $80,782, 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, and is published unmodified, as provided by the SBA.

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Footnotes & Information

1. 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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Source: www.federalpay.org/paycheck-protection-program/word-of-life-fellowship-inc-schroon-lake-ny