PPP Loan Data — Go Insurance Agency Inc, Pelham, AL
Go Insurance Agency Inc is a corporation located at 2015 Valleydale Road Suite 6 in Pelham, Alabama that received a Coronavirus-related PPP loan from the SBA of $25,200.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Go Insurance Agency Inc in Pelham, AL received a Paycheck Protection Loan of $25,200 through Truist Bank d/b/a Branch Banking & Trust Co, 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 June, 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, Go Insurance Agency Inc's 2019 payroll expenses are estimated to be at least $120,960.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,192 per employee1
Reported PPP Proceed Usage:
On the PPP application, Go Insurance Agency Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,200
Business Information - Go Insurance Agency Inc in Pelham, AL
2015 Valleydale Road Suite 6
Pelham, AL 35244
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 Pelham
In the Pelham area, 84 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 5) and received an average PPP loan of $45,117 (compared to this company's $25,200).
Similar Nearby Businesses Who Received PPP Funding:
Alabama Insurance Exchange, Inc
Russ Richardson Agency, Inc
TK Smith Insurance Agency Inc
Scott Richards Insurance Agency LLC
Collins Insurance Agency Inc
Gregory S Gryska
Kenneth Harris Agency LLC
Gregory Scott Hammond
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 Go Insurance Agency Inc's reported 5 employees, and received an average PPP loan of $39,254, 56% higher than this company's loan of $25,200.
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Footnotes & Information
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