PPP Loan Data — Mike Bowden Agency, Midland, TX
Mike Bowden Agency is a sole proprietorship located at 3303 N Midkiff Rd #148 in Midland, Texas that received a Coronavirus-related PPP loan from the SBA of $46,348.00 in April, 2020. This business is a Farmers Insurance Agent Appointment Agreement franchise.
The company has reported itself as a White male owned business, and employed at least five people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Community National Bank
Mike Bowden Agency in Midland, TX received a Paycheck Protection Loan of $46,348 through Community National 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 April, 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, Mike Bowden Agency's 2019 payroll expenses are estimated to be at least $222,470.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,494 per employee1
Reported PPP Proceed Usage:
On the PPP application, Mike Bowden Agency reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,348
Business Information - Mike Bowden Agency in Midland, TX
3303 N Midkiff Rd #148
Midland, TX 79705
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 Midland
In the Midland area, 21 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 $40,168 (compared to this company's $46,348).
Similar Nearby Businesses Who Received PPP Funding:
Morales And Maes Financial Services, Inc
Intuitive Solutions Commercial Insurance & Wealth Strategies
Midland Insurance Services, Inc
Scarafile & Smith, LLC
Charlie Harris Insurance Agency Inc
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 Mike Bowden Agency's reported 5 employees, and received an average PPP loan of $39,254, 15% lower than this company's loan of $46,348.
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Footnotes & Information
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