PPP Loan Data — Richard L Castro State Farm Insurance, Fremont, CA
Richard L Castro State Farm Insurance is a sole proprietorship located at 39500 Stevenson Place Suite 105 in Fremont, California that received a Coronavirus-related PPP loan from the SBA of $25,011.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Wells Fargo Bank, National Association
Richard L Castro State Farm Insurance in Fremont, CA received a Paycheck Protection Loan of $25,011 through Wells Fargo Bank, 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 May, 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, Richard L Castro State Farm Insurance's 2019 payroll expenses are estimated to be at least $120,053.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,018 per employee1
Reported PPP Proceed Usage:
On the PPP application, Richard L Castro State Farm Insurance reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,011
Business Information - Richard L Castro State Farm Insurance in Fremont, CA
39500 Stevenson Place Suite 105
Fremont, CA 94539
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: Urban
Similar Companies near Fremont
In the Fremont area, 65 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 3) and received an average PPP loan of $26,971 (compared to this company's $25,011).
Similar Nearby Businesses Who Received PPP Funding:
Christina Zeng Insurance Agency
Mission Peak Brokers Inc
WAI Cheng Insurance Agency Incorporation
Jonathan Yu Enterprise 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, 33% higher than Richard L Castro State Farm Insurance's reported 3 employees, and received an average PPP loan of $39,254, 57% higher than this company's loan of $25,011.
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Footnotes & Information
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