PPP Loan Data — Lipscomb And Pitts Insurance LLC, Memphis, TN
Lipscomb And Pitts Insurance LLC is a limited liability company (LLC) located at 2670 Union Avenue Ext Ste 200 in Memphis, Tennessee that received a Coronavirus-related PPP loan from the SBA of $2,123,481.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lipscomb And Pitts Insurance LLC in Memphis, TN received a Paycheck Protection Loan of $2.12M through Independent Bank, which was approved in April, 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, Lipscomb And Pitts Insurance LLC's 2019 payroll expenses are estimated to be at least $10.19M.
Based on their reported 127 jobs retained, this equals an estimated average yearly compensation of $80,258 per employee1
Reported PPP Proceed Usage:
On the PPP application, Lipscomb And Pitts Insurance LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,123,481
Business Information - Lipscomb And Pitts Insurance LLC in Memphis, TN
2670 Union Avenue Ext Ste 200
Memphis, TN 38112
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 Memphis
In the Memphis area, 17 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 127) and received an average PPP loan of $137,293 (compared to this company's $2.12M).
Similar Nearby Businesses Who Received PPP Funding:
Patricia Artison DBA Patricia Artison
Willliam Browning DBA None
Kevin White State Farm
Joseph P Fracchia
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, 97% lower than Lipscomb And Pitts Insurance LLC's reported 127 employees, and received an average PPP loan of $39,254, 98% lower than this company's loan of $2.12M.
FederalPay's PPP Information Policy
Footnotes & Information
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