PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA (Updated September 30, 2023)

PPP Loan Data — Eagle Financial Services, Inc, Florence, KY

ALERT: There are 2 PPP loans for a total of $5.42M in our database for businesses with the name "Eagle Financial Services, Inc" in Florence, KY. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Eagle Financial Services, Inc
KY

Eagle Financial Services, Inc

Entity: Subchapter S Corporation

Industry: All Other Nondepository Credit Intermediation

Location: Florence, KY

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Eagle Financial Services, Inc is a subchapter s corporation located at 7791 Dixie Highway Ste. B in Florence, Kentucky that received a Coronavirus-related PPP loan from the SBA of $5,150,572.00 in April, 2020.

$ PPP Loan Information
Loan #9716827109

Loan Size:

$5.15M

Jobs Retained:

409

Loan Approved:

2020-04-15

Loan Status:

Paid in Full or Forgiven

Lender:

Texas Capital Bank

Eagle Financial Services, Inc in Florence, KY received a Paycheck Protection Loan of $5.15M through Texas Capital Bank, 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 May, 2022.

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, Eagle Financial Services, Inc's 2019 payroll expenses are estimated to be at least $24.72M.

Based on their reported 409 jobs retained, this equals an estimated average yearly compensation of $60,447 per employee1

Reported PPP Proceed Usage:

On the PPP application, Eagle Financial Services, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $3,862,929
  • Utilities: $244,652
  • Rent: $1,042,991
Because the loan received by Eagle Financial Services, Inc 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 - Eagle Financial Services, Inc in Florence, KY

Eagle Financial Services, Inc
7791 Dixie Highway Ste. B
Florence, KY 41042

Business Industry:
All Other Nondepository Credit Intermediation
NAICS code 522298

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Boone County, KY — SBA Office 0457 — Congressional District: KY-04

Similar Companies near Florence

In the Florence area, 2 businesses in the "All Other Nondepository Credit Intermediation" industry received a PPP loan. These local businesses reported an average of 221 employees (compared to this company's 409) and received an average PPP loan of $2,768,481 (compared to this company's $5.15M).

Similar Nearby Businesses Who Received PPP Funding:

Sunrise Finance Company
Florence, KY

$386,389 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 2,765 businesses in the "All Other Nondepository Credit Intermediation" industry received a total of $240.22M 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 8 employees, 98% lower than Eagle Financial Services, Inc's reported 409 employees, and received an average PPP loan of $86,878, 98% lower than this company's loan of $5.15M.

SBA PPP loan data, payroll data, and salaries for Eagle Financial Services, Inc
KY

Eagle Financial Services, Inc

Entity: Limited Liability Company (LLC)

Industry: Tire Dealers

Location: Florence, KY

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Eagle Financial Services, Inc is a limited liability company (LLC) located at 7791 Dixie Highway in Florence, Kentucky that received a Coronavirus-related PPP loan from the SBA of $274,324.00 in April, 2020.

$ PPP Loan Information
Loan #3469207105

Loan Size:

$274,324

Jobs Retained:

30

Loan Approved:

2020-04-11

Loan Status:

Paid in Full or Forgiven

Lender:

Texas Capital Bank

Eagle Financial Services, Inc in Florence, KY received a Paycheck Protection Loan of $274,324 through Texas Capital Bank, 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 April, 2022.

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, Eagle Financial Services, Inc's 2019 payroll expenses are estimated to be at least $1.32M.

Based on their reported 30 jobs retained, this equals an estimated average yearly compensation of $43,892 per employee1

Reported PPP Proceed Usage:

On the PPP application, Eagle Financial Services, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $205,743
  • Utilities: $12,687
  • Rent: $55,894

Business Information - Eagle Financial Services, Inc in Florence, KY

Eagle Financial Services, Inc
7791 Dixie Highway
Florence, KY 41017

Business Industry:
Tire Dealers
NAICS code 441320

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Kenton County, KY — SBA Office 0457 — Congressional District: KY-04

Similar Companies near Florence

In the Florence area, 3 businesses in the "Tire Dealers" industry received a PPP loan. These local businesses reported an average of 120 employees (compared to this company's 30) and received an average PPP loan of $1,311,189 (compared to this company's $274,324).

Industry PPP Comparison Statistics

Nationwide, 8,303 businesses in the "Tire Dealers" industry received a total of $773.49M 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 10 employees, 67% lower than Eagle Financial Services, Inc's reported 30 employees, and received an average PPP loan of $93,158, 66% lower than this company's loan of $274,324.

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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Source: www.federalpay.org/paycheck-protection-program/eagle-financial-services-inc-florence-ky