PPP Loan Data — Justin Sorensen DBA Sorensen Allstate Insurance Agency, Muncie, IN
Justin Sorensen DBA Sorensen Allstate Insurance Agency is a sole proprietorship located at 320 E Mcgalliard Rd in Muncie, Indiana that received a Coronavirus-related PPP loan from the SBA of $25,320.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:JPMorgan Chase Bank, National Association
Justin Sorensen DBA Sorensen Allstate Insurance Agency in Muncie, IN received a Paycheck Protection Loan of $25,320 through JPMorgan Chase Bank, National Association, which was approved in May, 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 June, 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, Justin Sorensen DBA Sorensen Allstate Insurance Agency's 2019 payroll expenses are estimated to be at least $121,536.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,512 per employee1
Reported PPP Proceed Usage:
On the PPP application, Justin Sorensen DBA Sorensen Allstate Insurance Agency reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,320
Business Information - Justin Sorensen DBA Sorensen Allstate Insurance Agency in Muncie, IN
320 E Mcgalliard Rd
Muncie, IN 47303
Insurance Agencies and Brokerages
NAICS code 524210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Muncie
In the Muncie area, 22 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 3) and received an average PPP loan of $28,793 (compared to this company's $25,320).
Similar Nearby Businesses Who Received PPP Funding:
Dennis Kane State Farm
Jeff Cline Insurance Agency Inc
Total Coverage Inc
DEC Group, LLC
BTG Insurance Services LLC
The Robertson Company LLC
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 Justin Sorensen DBA Sorensen Allstate Insurance Agency's reported 3 employees, and received an average PPP loan of $39,254, 55% higher than this company's loan of $25,320.
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Footnotes & Information
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