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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

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 #3131197205

Loan Size:


Jobs Retained:


Loan Approved:


Loan Status:

Ongoing Loan


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.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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 More
Understanding 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 More

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, Brethren Mutual Insurance Company's 2019 payroll expenses are estimated to be at least $13.11M.

Based on their reported 142 jobs retained, this equals an estimated average yearly compensation of $92,312 per employee1

Reported PPP Proceed Usage:

On the PPP application, Brethren Mutual Insurance Company reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,730,900
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: 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: Urban

Washington County, MD — SBA Office 0373 — 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, 5,597 businesses in the "Direct Property and Casualty Insurance Carriers" industry received a total of $398.37M in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.

PPP recipients in this industry report an average of 6 employees, 96% lower than Brethren Mutual Insurance Company's reported 142 employees, and received an average PPP loan of $71,175, 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, 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.

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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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** This Document Provided By - The Civil Employee's Resource **