PPP Loan Data — Reeves Agency Inc, Fairhope, AL
Reeves Agency Inc is a corporation located at 311 Magnolia Ave Ste 108 in Fairhope, Alabama that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Reeves Agency Inc in Fairhope, AL received a Paycheck Protection Loan of $25,000 through BBVA USA, which was approved in April, 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, Reeves Agency Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Reeves Agency Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $22,000
- Rent: $3,000
Business Information - Reeves Agency Inc in Fairhope, AL
311 Magnolia Ave Ste 108
Fairhope, AL 36532
Insurance Agencies and Brokerages
NAICS code 524210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Fairhope
In the Fairhope area, 30 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 3) and received an average PPP loan of $40,879 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Point Clear Insurance Services, LLC
Surego Administrative Services LLC
Tim Simmonds State Farm Insurance
Darrell Shannon Lambeth
AAA Petroleum LLC
Tina Cooper Payne
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, 33% higher than Reeves Agency Inc's reported 3 employees, and received an average PPP loan of $39,254, 57% higher than this company's loan of $25,000.
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Footnotes & Information
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