PPP Loan Data — Dwayne Jackson Insurance Agency Inc, Chicago, IL
Dwayne Jackson Insurance Agency Inc is a corporation located at 1345 W Taylor St in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $46,600.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Dwayne Jackson Insurance Agency Inc in Chicago, IL received a Paycheck Protection Loan of $46,600 through Bank of America, National Association, 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 January, 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, Dwayne Jackson Insurance Agency Inc's 2019 payroll expenses are estimated to be at least $223,680.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,736 per employee1
Reported PPP Proceed Usage:
On the PPP application, Dwayne Jackson Insurance Agency Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,600
Business Information - Dwayne Jackson Insurance Agency Inc in Chicago, IL
1345 W Taylor St
Chicago, IL 60607
Insurance Agencies and Brokerages
NAICS code 524210
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 197 businesses in the "Insurance Agencies and Brokerages" 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 $41,570 (compared to this company's $46,600).
Similar Nearby Businesses Who Received PPP Funding:
Jeffrey S. Freedman
Chase J Weaver Financial
John William Schwind V
Calculated Risk Advisors, LLC
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 Dwayne Jackson Insurance Agency Inc's reported 5 employees, and received an average PPP loan of $39,254, 16% lower than this company's loan of $46,600.
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Footnotes & Information
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