PPP Loan Data — Zion Lutheran Church Of Lake Crystal MN, Lake Crystal, MN
Zion Lutheran Church Of Lake Crystal MN is a non-profit organization located at 211 E Robinson Street in Lake Crystal, Minnesota that received a Coronavirus-related PPP loan from the SBA of $24,900.00 in April, 2020.
The company has reported itself as a White male owned non-profit, and employed at least three people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:MinnStar Bank National Association
Zion Lutheran Church Of Lake Crystal MN in Lake Crystal, MN received a Paycheck Protection Loan of $24,900 through MinnStar Bank National Association, 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 December, 2020.
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, Zion Lutheran Church Of Lake Crystal MN's 2019 payroll expenses are estimated to be at least $119,520.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $39,840 per employee1
Reported PPP Proceed Usage:
On the PPP application, Zion Lutheran Church Of Lake Crystal MN reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,900
Business Information - Zion Lutheran Church Of Lake Crystal MN in Lake Crystal, MN
211 E Robinson Street
Lake Crystal, MN 56055
NAICS code 813110
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Lake Crystal
In the Lake Crystal area, 5 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 3) and received an average PPP loan of $14,972 (compared to this company's $24,900).
Similar Nearby Businesses Who Received PPP Funding:
Fields Of Grace Lutheran Parish
First Presbyterian Church
Lake Crystal, MN
Cornerstone Um Church
Lake Crystal, MN
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, 300% higher than Zion Lutheran Church Of Lake Crystal MN's reported 3 employees, and received an average PPP loan of $75,298, 202% higher than this company's loan of $24,900.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!