PPP Loan Data — Meggan Smith State Farm Insurance, Leesburg, VA
Meggan Smith State Farm Insurance is a sole proprietorship located in Leesburg, Virginia that received a Coronavirus-related PPP loan from the SBA of $24,500.00 in June, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Sandy Spring Bank
Meggan Smith State Farm Insurance in Leesburg, VA received a Paycheck Protection Loan of $24,500 through Sandy Spring Bank, which was approved in June, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 1 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Reported PPP Proceed Usage:
On the PPP application, Meggan Smith State Farm Insurance reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,500
Business Information - Meggan Smith State Farm Insurance in Leesburg, VA
* Full address is redacted to protect the privacy of individuals.
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 Leesburg
In the Leesburg area, 31 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 11 employees (compared to this company's 1) and received an average PPP loan of $191,835 (compared to this company's $24,500).
Similar Nearby Businesses Who Received PPP Funding:
Claudia Cornejo Holding Inc
D & D Legacy Solutions, Inc
Dulles Insurance Services, Inc
Academy Insurance Agency, Inc
Mike Bushey State Farm Agency
Independent Insurance Center, Inc
Granger Financial LLC
Fellows Financial Group, LLC
Industry PPP Comparison Statistics
Nationwide, 257,858 businesses in the "Insurance Agencies and Brokerages" industry received a total of $8.59B 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 3 employees, 200% higher than Meggan Smith State Farm Insurance's reported 1 employees, and received an average PPP loan of $33,310, 36% higher than this company's loan of $24,500.
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, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. 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.
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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