PPP Loan Data — Jim Miller Agency Of NC, Inc, Murphy, NC
Jim Miller Agency Of NC, Inc is a subchapter s corporation located at 1285 W Us Hwy 64 in Murphy, North Carolina that received a Coronavirus-related PPP loan from the SBA of $46,425.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Nantahala Bank & Trust Company
Jim Miller Agency Of NC, Inc in Murphy, NC received a Paycheck Protection Loan of $46,425 through Nantahala Bank & Trust Company, 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, Jim Miller Agency Of NC, Inc's 2019 payroll expenses are estimated to be at least $222,840.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $37,140 per employee1
Reported PPP Proceed Usage:
On the PPP application, Jim Miller Agency Of NC, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,425
Business Information - Jim Miller Agency Of NC, Inc in Murphy, NC
1285 W Us Hwy 64
Murphy, NC 28906
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 Murphy
In the Murphy 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 6) and received an average PPP loan of $27,315 (compared to this company's $46,425).
Similar Nearby Businesses Who Received PPP Funding:
Steven R Aft
Mountain Insurance, LLC
Anne C. Rose Insurance Agency, Inc
Alicia Lewis Insurance, 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, 33% lower than Jim Miller Agency Of NC, Inc's reported 6 employees, and received an average PPP loan of $39,254, 15% lower than this company's loan of $46,425.
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Footnotes & Information
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