PPP Loan Data — Meridian Title Corp, South Bend, IN
Meridian Title Corp is a corporation located at 202 S Michigan St Suite 300 in South Bend, Indiana that received a Coronavirus-related PPP loan from the SBA of $2,624,300.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Meridian Title Corp in South Bend, IN received a Paycheck Protection Loan of $2.62M 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 July, 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, Meridian Title Corp's 2019 payroll expenses are estimated to be at least $12.6M.
Based on their reported 254 jobs retained, this equals an estimated average yearly compensation of $49,593 per employee1
Reported PPP Proceed Usage:
On the PPP application, Meridian Title Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,320,000
- Utilities: $29,900
- Rent: $274,400
Business Information - Meridian Title Corp in South Bend, IN
202 S Michigan St Suite 300
South Bend, IN 46601
Direct Title Insurance Carriers
NAICS code 524127
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 888 businesses in the "Direct Title Insurance Carriers" industry received a total of $102.03M in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 11 employees, 96% lower than Meridian Title Corp's reported 254 employees, and received an average PPP loan of $114,901, 96% lower than this company's loan of $2.62M.
FederalPay's PPP Information Policy
Footnotes & Information
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