PPP Loan Data — Down East Insurance Services Inc, New Bern, NC
Down East Insurance Services Inc is a corporation located at 1911 S Glenburnie Rd in New Bern, North Carolina that received a Coronavirus-related PPP loan from the SBA of $46,400.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First-Citizens Bank & Trust Company
Down East Insurance Services Inc in New Bern, NC received a Paycheck Protection Loan of $46,400 through First-Citizens Bank & Trust Company, 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 February, 2021.
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, Down East Insurance Services Inc's 2019 payroll expenses are estimated to be at least $222,720.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,544 per employee1
Reported PPP Proceed Usage:
On the PPP application, Down East Insurance Services Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,400
Business Information - Down East Insurance Services Inc in New Bern, NC
1911 S Glenburnie Rd
New Bern, NC 28561
Direct Life Insurance Carriers
NAICS code 524113
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near New Bern
In the New Bern area, 3 businesses in the "Direct Life Insurance Carriers" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 5) and received an average PPP loan of $27,844 (compared to this company's $46,400).
Similar Nearby Businesses Who Received PPP Funding:
New Bern, NC
Augustson Insurance Agency Inc
New Bern, NC
Industry PPP Comparison Statistics
Nationwide, 4,589 businesses in the "Direct Life Insurance Carriers" industry received a total of $147.14M 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 3 employees, 40% lower than Down East Insurance Services Inc's reported 5 employees, and received an average PPP loan of $32,063, 31% lower than this company's loan of $46,400.
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Footnotes & Information
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