PPP Loan Data — Gates Insurance Incorporated, Bloomington, IN
Gates Insurance Incorporated is a corporation located at 532 S College Avenue in Bloomington, Indiana that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First Financial Bank
Gates Insurance Incorporated in Bloomington, IN received a Paycheck Protection Loan of $25,000 through First Financial 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 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, Gates Insurance Incorporated's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Gates Insurance Incorporated reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Gates Insurance Incorporated in Bloomington, IN
532 S College Avenue
Bloomington, IN 47403
Insurance Agencies and Brokerages
NAICS code 524210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Bloomington
In the Bloomington area, 30 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 21 employees (compared to this company's 4) and received an average PPP loan of $96,369 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Lindsay Schnarr Insurance & Financial Services Inc
The Niese Agency
Angie Albertson Agency, Inc
The Burton Group
Gleason Insurance Services, LLC
Levi Sanders Agency
Duling Agency Incorporated
Cheatham Family Ebenezer 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, the same amount reported by Gates Insurance Incorporated and received an average PPP loan of $39,254, 57% higher than this company's loan of $25,000.
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Footnotes & Information
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