PPP Loan Data — Greg West Insurance Agency, Inc, Hutchinson, KS
Greg West Insurance Agency, Inc is a subchapter s corporation located at 30th Ave in Hutchinson, Kansas 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:The First National Bank of Hutchinson
Greg West Insurance Agency, Inc in Hutchinson, KS received a Paycheck Protection Loan of $25,200 through The First National Bank of Hutchinson, 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 December, 2020.
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 West Insurance Agency, Inc's 2019 payroll expenses are estimated to be at least $120,960.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,320 per employee1
Reported PPP Proceed Usage:
On the PPP application, Greg West Insurance Agency, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $20,160
- Utilities: $2,520
- Mortgage Interest: $2,520
Business Information - Greg West Insurance Agency, Inc in Hutchinson, KS
Hutchinson, KS 67502
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: Rural
Similar Companies near Hutchinson
In the Hutchinson area, 46 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 3) and received an average PPP loan of $70,062 (compared to this company's $25,200).
Similar Nearby Businesses Who Received PPP Funding:
Anna Crable Agency LLC
Wade Patton Investment Corporation
Meyer Insurance And Financial Services Inc
Heartland Retirement & Benefits Consulting, LLC
Corey INS & Fin Svcs
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, 33% higher than Greg West Insurance Agency, Inc's reported 3 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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