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PPP Loan Data — New Era Life Insurance Company, Houston, TX

SBA PPP loan data, payroll data, and salaries for New Era Life Insurance Company
TX

New Era Life Insurance Company

Entity: Corporation

Industry: Direct Life Insurance Carriers

Location: Houston, TX

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New Era Life Insurance Company is a corporation located at 11720 Katy Fwy Ste 1700 in Houston, Texas that received a Coronavirus-related PPP loan from the SBA of $2,850,360.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.85M

Jobs Retained:

272

Loan Approved:

2020-04-10

Lender:

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

New Era Life Insurance Company received a Paycheck Protection Loan of $2.85M through JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, New Era Life Insurance Company's total 2019 payroll expenses were approximately $13.68M in order to qualify for the PPP loan amount received.

Based on their reported 272 jobs retained, this equals an estimated average yearly compensation of $50,300 per employee1.

Because the loan received by New Era Life Insurance Company is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - New Era Life Insurance Company in Houston, TX

New Era Life Insurance Company
11720 Katy Fwy Ste 1700
Houston, TX 77079

Business Industry

Direct Life Insurance Carriers (NAICS code 524113)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: TX-02

Similar Companies near Houston

In the Houston area, 3 businesses in the "Direct Life Insurance Carriers" industry received a PPP loan. These local businesses reported an average of 93 employees (compared to this company's 272) and received an average PPP loan of $990,694 (compared to this company's $2.85M).

Industry PPP Comparison Statistics

Nationwide, 2,070 businesses in the "Direct Life Insurance Carriers" industry received a total of $111,536,867.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 5 employees, 98% lower than New Era Life Insurance Company's reported 272 employees, and received an average PPP loan of $53,883, 98% lower than this company's loan of $2.85M.

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.

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Footnotes & Information

1. 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.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/new-era-life-insurance-company-houston-tx