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PPP Loan Data — Country-Wide Insurance Company, New York, NY

SBA PPP loan data, payroll data, and salaries for Country-Wide Insurance Company
NY

Country-Wide Insurance Company

Entity: Sole Proprietorship

Industry: All Other Miscellaneous Store Retailers (except Tobacco Stores)

Location: New York, NY

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Country-Wide Insurance Company is a sole proprietorship located at 40 Wall Street in New York, New York that received a Coronavirus-related PPP loan from the SBA of $3,259,600.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 250 people during the applicable loan loan period.

$ PPP Loan Information
Loan #6278867105

Loan Size:

$3.26M

Jobs Retained:

250

Loan Approved:

2020-04-14

Loan Status:

Ongoing Loan

Lender:

Customers Bank

Country-Wide Insurance Company in New York, NY received a Paycheck Protection Loan of $3.26M through Customers Bank, 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, Country-Wide Insurance Company's 2019 payroll expenses are estimated to be at least $15.65M.

Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $62,584 per employee1

Reported PPP Proceed Usage:

On the PPP application, Country-Wide Insurance Company reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $3,259,600
Because the loan received by Country-Wide 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 - Country-Wide Insurance Company in New York, NY

Country-Wide Insurance Company
40 Wall Street
New York, NY 10005

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

New York County, NY — SBA Office 0202 — Congressional District: NY-10

Similar Companies near New York

In the New York area, 31 businesses in the "All Other Miscellaneous Store Retailers (except Tobacco Stores)" industry received a PPP loan. These local businesses reported an average of 20 employees (compared to this company's 250) and received an average PPP loan of $252,853 (compared to this company's $3.26M).

Industry PPP Comparison Statistics

Nationwide, 152,436 businesses in the "All Other Miscellaneous Store Retailers (except Tobacco Stores)" industry received a total of $5.23B 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, 98% lower than Country-Wide Insurance Company's reported 250 employees, and received an average PPP loan of $34,329, 99% lower than this company's loan of $3.26M.

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.

Search FederalPay's Full PPP Loan Database

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 www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/country-wide-insurance-company-new-york-ny