PPP Loan Data — Merit Insurance Advisors, LLC, Gilbert, AZ
Merit Insurance Advisors, LLC is a limited liability company (LLC) located at 3011 S. Lindsay Road, Suite 102 in Gilbert, Arizona that received a Coronavirus-related PPP loan from the SBA of $24,900.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Live Oak Banking Company
Merit Insurance Advisors, LLC in Gilbert, AZ received a Paycheck Protection Loan of $24,900 through Live Oak Banking Company, 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 February, 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, Merit Insurance Advisors, LLC's 2019 payroll expenses are estimated to be at least $119,520.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $29,880 per employee1
Reported PPP Proceed Usage:
On the PPP application, Merit Insurance Advisors, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,900
Business Information - Merit Insurance Advisors, LLC in Gilbert, AZ
3011 S. Lindsay Road, Suite 102
Gilbert, AZ 85295
Insurance Agencies and Brokerages
NAICS code 524210
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Gilbert
In the Gilbert area, 64 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 4) and received an average PPP loan of $24,587 (compared to this company's $24,900).
Similar Nearby Businesses Who Received PPP Funding:
Seth Preus Insurance And Financial Services, Inc
Scott Madison - Agency
Sebern J Sloan Agency Inc
David E Christensen Insurance Agency
Canyon State Insurance LLC
Jeff Arredondoinsurance Agency Inc
Miles Family Insurance Group, LLC
Sampson Capital Advisors LLC
Senior Market Insurance 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, the same amount reported by Merit Insurance Advisors, LLC and received an average PPP loan of $39,254, 58% higher than this company's loan of $24,900.
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Footnotes & Information
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