PPP Loan Data — Pinnacle Insurance Agency Inc, Scottsdale, AZ
Pinnacle Insurance Agency Inc is a corporation located at 8700 E Vista Bonita Dr Ste 180 in Scottsdale, Arizona that received a Coronavirus-related PPP loan from the SBA of $46,332.00 in May, 2020.
The company has reported itself as a 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:Bank of America, National Association
Pinnacle Insurance Agency Inc in Scottsdale, AZ received a Paycheck Protection Loan of $46,332 through Bank of America, National Association, which was approved in May, 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, Pinnacle Insurance Agency Inc's 2019 payroll expenses are estimated to be at least $222,394.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,479 per employee1
Reported PPP Proceed Usage:
On the PPP application, Pinnacle Insurance Agency Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,332
Business Information - Pinnacle Insurance Agency Inc in Scottsdale, AZ
8700 E Vista Bonita Dr Ste 180
Scottsdale, AZ 85255
Insurance Agencies and Brokerages
NAICS code 524210
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Scottsdale
In the Scottsdale area, 125 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 5) and received an average PPP loan of $36,863 (compared to this company's $46,332).
Similar Nearby Businesses Who Received PPP Funding:
Eaton-Provident Group, LLC
Argeus Benefits Group LLC
Revere Financial Services
Surewest Insurance Network Inc
Sullivan James 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, 20% lower than Pinnacle Insurance Agency Inc's reported 5 employees, and received an average PPP loan of $39,254, 15% lower than this company's loan of $46,332.
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Footnotes & Information
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