PPP Loan Data — Karl Herman Insurance And Financial Services Inc, Richfield, MN
Karl Herman Insurance And Financial Services Inc is a corporation located at 6620 Penn Aves in Richfield, Minnesota that received a Coronavirus-related PPP loan from the SBA of $47,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Karl Herman Insurance And Financial Services Inc in Richfield, MN received a Paycheck Protection Loan of $47,000 through Gateway Bank, 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 April, 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, Karl Herman Insurance And Financial Services Inc's 2019 payroll expenses are estimated to be at least $225,600.
Based on their reported 8 jobs retained, this equals an estimated average yearly compensation of $28,200 per employee1
Reported PPP Proceed Usage:
On the PPP application, Karl Herman Insurance And Financial Services Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $47,000
Business Information - Karl Herman Insurance And Financial Services Inc in Richfield, MN
6620 Penn Aves
Richfield, MN 55423
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: Urban
Similar Companies near Richfield
In the Richfield area, 23 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 8) and received an average PPP loan of $43,524 (compared to this company's $47,000).
Similar Nearby Businesses Who Received PPP Funding:
Paul Nelson Agency Inc
Golden Valley, MN
Gerdes & Associates, LTD
Worldwide Marketing, LLC
Bjugan Enterprises, Inc
Thomas Brooks Agency 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, 50% lower than Karl Herman Insurance And Financial Services Inc's reported 8 employees, and received an average PPP loan of $39,254, 16% lower than this company's loan of $47,000.
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Footnotes & Information
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