PPP Loan Data — Innovatus Group Benefits, Fairlawn, OH
Innovatus Group Benefits is a limited liability company (LLC) located at Ste 305c 3560 W Market St in Fairlawn, Ohio that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Cross River Bank
Innovatus Group Benefits in Fairlawn, OH received a Paycheck Protection Loan of $25,000 through Cross River Bank, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, Innovatus Group Benefits' 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Innovatus Group Benefits reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Innovatus Group Benefits in Fairlawn, OH
Ste 305c 3560 W Market St
Fairlawn, OH 44333
Insurance Agencies and Brokerages
NAICS code 524210
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Fairlawn
In the Fairlawn area, 17 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 2) and received an average PPP loan of $88,367 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Chas E Slusser Agency,Inc
Advanced Insurance Designs Inc
Jared Bologna LLC
Oxford Risk LLC
Alda Advisors Inc
David Rine Insurance Services, Inc
Dean Burnett Agency
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, 100% higher than Innovatus Group Benefits' reported 2 employees, and received an average PPP loan of $39,254, 57% higher than this company's loan of $25,000.
FederalPay's PPP Information Policy
Footnotes & Information
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