PPP Loan Data — Rich Insurance Services, Inc, Cabot, AR
Rich Insurance Services, Inc is a subchapter s corporation located at 105 S. 3rd St. in Cabot, Arkansas that received a Coronavirus-related PPP loan from the SBA of $47,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Rich Insurance Services, Inc in Cabot, AR received a Paycheck Protection Loan of $47,000 through Bank OZK, 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 December, 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, Rich Insurance Services, Inc's 2019 payroll expenses are estimated to be at least $225,600.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $32,229 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rich Insurance Services, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $47,000
Business Information - Rich Insurance Services, Inc in Cabot, AR
105 S. 3rd St.
Cabot, AR 72023
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 Cabot
In the Cabot area, 39 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 7) and received an average PPP loan of $20,732 (compared to this company's $47,000).
Similar Nearby Businesses Who Received PPP Funding:
Killingsworth Insurance Agency, Inc
The Brown Agency, LLC
Joshuah Emerson DBA None
Brandi Head Insurance Services LLC
Kenneth James Insurance, Inc
Brad Hankins State Farm Agent
Baxter Insurance Group
Michael R Perkins Insurance 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, 43% lower than Rich Insurance Services, Inc's reported 7 employees, and received an average PPP loan of $39,254, 16% lower than this company's loan of $47,000.
FederalPay's PPP Information Policy
Footnotes & Information
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