PPP Loan Data — Brethren Mutual Insurance Company, Hagerstown, MD
Brethren Mutual Insurance Company is a corporation located at 149 N Edgewood Drive in Hagerstown, Maryland that received a Coronavirus-related PPP loan from the SBA of $2,730,900.00 in April, 2020.
$ PPP Loan Information
Lender:FIRST UNITED BANK & TRUST
Brethren Mutual Insurance Company in Hagerstown, MD received a Paycheck Protection Loan of $2.73M through FIRST UNITED BANK & TRUST, which was approved in April, 2020.
Based on standard PPP eligibility rules, Brethren Mutual Insurance Company's total 2019 payroll expenses were approximately $13.11M in order to qualify for the PPP loan amount received.
Based on their reported 142 jobs retained, this equals an estimated average yearly compensation of $92,312 per employee1.
Business Information - Brethren Mutual Insurance Company in Hagerstown, MD
149 N Edgewood Drive
Hagerstown, MD 21740
Direct Property and Casualty Insurance Carriers (NAICS code 524126)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MD-06
Similar Companies near Hagerstown
In the Hagerstown area, 2 businesses in the "Direct Property and Casualty Insurance Carriers" industry received a PPP loan. These local businesses reported an average of 72 employees (compared to this company's 142) and received an average PPP loan of $1,368,500 (compared to this company's $2.73M).
Similar Nearby Businesses Who Received PPP Funding:
Farmers Insurance Emily Keller
Industry PPP Comparison Statistics
Nationwide, 4,105 businesses in the "Direct Property and Casualty Insurance Carriers" industry received a total of $356,353,782.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 7 employees, 95% lower than Brethren Mutual Insurance Company's reported 142 employees, and received an average PPP loan of $86,810, 97% lower than this company's loan of $2.73M.
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.
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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