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PPP Loan Data — Brethren Mutual Insurance Company, Hagerstown, MD

SBA PPP loan data, payroll data, and salaries for Brethren Mutual Insurance Company
MD

Brethren Mutual Insurance Company

Entity: Corporation

Industry: Direct Property and Casualty Insurance Carriers

Location: Hagerstown, MD

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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

Loan Size:

$2.73M

Jobs Retained:

142

Loan Approved:

2020-04-16

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.

Because the loan received by Brethren Mutual Insurance Company 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 - Brethren Mutual Insurance Company in Hagerstown, MD

Brethren Mutual Insurance Company
149 N Edgewood Drive
Hagerstown, MD 21740

Business Industry

Direct Property and Casualty Insurance Carriers (NAICS code 524126)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional 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
Hagerstown, MD

$6,100 PPP Loan

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.

Search FederalPay's Full PPP Loan Database

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/brethren-mutual-insurance-company-hagerstown-md