PPP Loan Data — Duke May Insurance, Inc, Charlotte Hall, MD
Duke May Insurance, Inc is a subchapter s corporation located at 30122 Three Notch Road Po Box 707 in Charlotte Hall, Maryland that received a Coronavirus-related PPP loan from the SBA of $25,175.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Community Bank of the Chesapeake
Duke May Insurance, Inc in Charlotte Hall, MD received a Paycheck Protection Loan of $25,175 through Community Bank of the Chesapeake, which was approved in May, 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 March, 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, Duke May Insurance, Inc's 2019 payroll expenses are estimated to be at least $120,840.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,280 per employee1
Reported PPP Proceed Usage:
On the PPP application, Duke May Insurance, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,175
Business Information - Duke May Insurance, Inc in Charlotte Hall, MD
30122 Three Notch Road Po Box 707
Charlotte Hall, MD 20622
Insurance Agencies and Brokerages
NAICS code 524210
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Charlotte Hall
In the Charlotte Hall area, 2 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 3) and received an average PPP loan of $27,279 (compared to this company's $25,175).
Similar Nearby Businesses Who Received PPP Funding:
Interstate Title & Escrow, LLC
Charlotte Hall, MD
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, 33% higher than Duke May Insurance, Inc's reported 3 employees, and received an average PPP loan of $39,254, 56% higher than this company's loan of $25,175.
FederalPay's PPP Information Policy
Footnotes & Information
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