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PPP Loan Data — Jimcor Agency Inc., Montvale, NJ

SBA PPP loan data, payroll data, and salaries for Jimcor Agency Inc.
NJ

Jimcor Agency Inc.

Entity: Corporation

Industry: Insurance Agencies and Brokerages

Location: Montvale, NJ

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Jimcor Agency Inc. is a corporation located at 60 Craig Rd in Montvale, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,554,676.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.55M

Jobs Retained:

153

Loan Approved:

2020-04-15

Lender:

BANK OF AMERICA, NATIONAL ASSOCIATION

Jimcor Agency Inc. in Montvale, NJ received a Paycheck Protection Loan of $2.55M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Jimcor Agency Inc.'s total 2019 payroll expenses were approximately $12.26M in order to qualify for the PPP loan amount received.

Based on their reported 153 jobs retained, this equals an estimated average yearly compensation of $80,147 per employee1.

Because the loan received by Jimcor Agency Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Jimcor Agency Inc. in Montvale, NJ

Jimcor Agency Inc.
60 Craig Rd
Montvale, NJ 07645

Business Industry

Insurance Agencies and Brokerages (NAICS code 524210)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NJ-05

Similar Companies near Montvale

In the Montvale area, 10 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 17 employees (compared to this company's 153) and received an average PPP loan of $288,124 (compared to this company's $2.55M).

Industry PPP Comparison Statistics

Nationwide, 90,958 businesses in the "Insurance Agencies and Brokerages" industry received a total of $4,494,836,388.00 in PPP loans. These businesses account for 2% 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, 97% lower than Jimcor Agency Inc.'s reported 153 employees, and received an average PPP loan of $49,417, 98% lower than this company's loan of $2.55M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan. All information displayed on this page is publicly available information under PPP loan guidelines, and is published unmodified, as provided by the SBA.

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Footnotes & Information

1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/jimcor-agency-inc-montvale-nj