PPP Loan Data — CPM Group Insurance Services, Cheshire, CT
CPM Group Insurance Services is a corporation located at 20 Colton Ln in Cheshire, Connecticut that received a Coronavirus-related PPP loan from the SBA of $45,400.00 in April, 2020.
The company has reported itself as a male owned business.
$ PPP Loan Information
Jobs Retained:0 Unreported
CPM Group Insurance Services received a Paycheck Protection Loan of $45,400 through ION BANK, which was approved in April, 2020.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 0.
Based on standard PPP eligibility rules, CPM Group Insurance Services' total 2019 payroll expenses were approximately $217,920 in order to qualify for the PPP loan amount received.
Unlike most businesses, CPM Group Insurance Services' PPP data does not report the number of jobs retained by their receipt of the Paycheck Protection Loan (some banks did not release this infomation from their loan applications). Without this data, per-employee payrolls for this company cannot be estimated.
Business Information - CPM Group Insurance Services in Cheshire, CT
20 Colton Ln
Cheshire, CT 6410
Insurance Agencies and Brokerages (NAICS code 524210)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: UnreportedCongressional District: CT-05
Similar Companies near Cheshire
In the Cheshire area, 11 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 38 employees (compared to this company's 0) and received an average PPP loan of $351,426 (compared to this company's $45,400).
Similar Nearby Businesses Who Received PPP Funding:
Michele L Rosa Insurance Agency
ED Merklen State Farm Agency
Gromko Insurance Agency Inc
Stamford Insurance Group, Inc.
The Money Coach LLC
Michael J Warzecha
Industry PPP Comparison Statistics
Nationwide, 90,958 businesses in the "Insurance Agencies and Brokerages" industry received a total of $4,494,836,388.00 in PPP loans. These businesses account for 2% 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, and received an average PPP loan of $49,417, 9% higher than this company's loan of $45,400.
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.
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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