PPP Loan Data — Checotah Insurance Agency Inc, Checotah, OK
Checotah Insurance Agency Inc is a corporation located at 201 W Okmulgee Ave in Checotah, Oklahoma 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 business, and employed at least five people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Checotah Insurance Agency Inc in Checotah, OK received a Paycheck Protection Loan of $24,900 through Armstrong Bank, 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, Checotah Insurance Agency Inc's 2019 payroll expenses are estimated to be at least $119,520.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $23,904 per employee1
Reported PPP Proceed Usage:
On the PPP application, Checotah Insurance Agency Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,900
Business Information - Checotah Insurance Agency Inc in Checotah, OK
201 W Okmulgee Ave
Checotah, OK 74426
Insurance Agencies and Brokerages
NAICS code 524210
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Checotah
In the Checotah area, 8 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 5) and received an average PPP loan of $14,104 (compared to this company's $24,900).
Similar Nearby Businesses Who Received PPP Funding:
David Jenkins Insurance LLC
Donna Ramsey Insurance, Inc
Gary Coleman Agency LLC
DBA Shelter Insurance
Industry PPP Comparison Statistics
Nationwide, 149,532 businesses in the "Insurance Agencies and Brokerages" industry received a total of $5.87B 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 4 employees, 20% lower than Checotah Insurance Agency Inc's reported 5 employees, and received an average PPP loan of $39,254, 58% higher than this company's loan of $24,900.
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Footnotes & Information
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