PPP Loan Data — Richlands Insurance & Realty, Inc, Richlands, NC
Richlands Insurance & Realty, Inc is a subchapter s corporation located at 207 S. Academy St. in Richlands, North Carolina that received a Coronavirus-related PPP loan from the SBA of $46,781.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least three people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Coastal Bank & Trust
Richlands Insurance & Realty, Inc in Richlands, NC received a Paycheck Protection Loan of $46,781 through Coastal Bank & Trust, 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, Richlands Insurance & Realty, Inc's 2019 payroll expenses are estimated to be at least $224,549.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $74,850 per employee1
Reported PPP Proceed Usage:
On the PPP application, Richlands Insurance & Realty, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,781
Business Information - Richlands Insurance & Realty, Inc in Richlands, NC
207 S. Academy St.
Richlands, NC 28574
Insurance Agencies and Brokerages
NAICS code 524210
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
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 Richlands Insurance & Realty, Inc's reported 3 employees, and received an average PPP loan of $39,254, 16% lower than this company's loan of $46,781.
FederalPay's PPP Information Policy
Footnotes & Information
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