PPP Loan Data — Greg Hoover Insurance Agency, Inc, Constantine, MI
Greg Hoover Insurance Agency, Inc is a sole proprietorship located at 1055 S Washington St. in Constantine, Michigan that received a Coronavirus-related PPP loan from the SBA of $46,612.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least eight people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Greg Hoover Insurance Agency, Inc in Constantine, MI received a Paycheck Protection Loan of $46,612 through Horizon 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, 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, Greg Hoover Insurance Agency, Inc's 2019 payroll expenses are estimated to be at least $223,738.
Based on their reported 8 jobs retained, this equals an estimated average yearly compensation of $27,967 per employee1
Reported PPP Proceed Usage:
On the PPP application, Greg Hoover Insurance Agency, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $37,290
- Utilities: $3,108
- Mortgage Interest: $3,107
- Rent: $3,107
Business Information - Greg Hoover Insurance Agency, Inc in Constantine, MI
1055 S Washington St.
Constantine, MI 49042
Insurance Agencies and Brokerages
NAICS code 524210
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Constantine
In the Constantine area, 7 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 8) and received an average PPP loan of $27,031 (compared to this company's $46,612).
Similar Nearby Businesses Who Received PPP Funding:
Eric S. Wheeler
Noecker Agency, LLC
Austin Cooper Agency Inc
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, 50% lower than Greg Hoover Insurance Agency, Inc's reported 8 employees, and received an average PPP loan of $39,254, 16% lower than this company's loan of $46,612.
FederalPay's PPP Information Policy
Footnotes & Information
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