PPP Loan Data — Logan Branch Insurance Inc, Bellefonte, PA
Logan Branch Insurance Inc is a subchapter s corporation located at 623 Willowbank St in Bellefonte, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $47,117.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Logan Branch Insurance Inc in Bellefonte, PA received a Paycheck Protection Loan of $47,117 through Northwest 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 January, 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, Logan Branch Insurance Inc's 2019 payroll expenses are estimated to be at least $226,162.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $45,232 per employee1
Reported PPP Proceed Usage:
On the PPP application, Logan Branch Insurance Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $47,117
Business Information - Logan Branch Insurance Inc in Bellefonte, PA
623 Willowbank St
Bellefonte, PA 16823
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: Rural
Similar Companies near Bellefonte
In the Bellefonte area, 6 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 5) and received an average PPP loan of $48,335 (compared to this company's $47,117).
Similar Nearby Businesses Who Received PPP Funding:
Garbrick-Shadle Agency Inc
Pleasant Gap, PA
US Insurance Audit Services Inc
George Fountain Stone
Stennett Insurance & Financial 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, 20% lower than Logan Branch Insurance Inc's reported 5 employees, and received an average PPP loan of $39,254, 17% lower than this company's loan of $47,117.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!