PPP Loan Data — Shroff Insurance Services, Inc. DBA Greatflorida Insurance O, Davie, FL
Shroff Insurance Services, Inc. DBA Greatflorida Insurance O is a subchapter s corporation located at 2267 S University Dr in Davie, Florida that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:JPMorgan Chase Bank, National Association
Shroff Insurance Services, Inc. DBA Greatflorida Insurance O in Davie, FL received a Paycheck Protection Loan of $25,000 through JPMorgan Chase 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, Shroff Insurance Services, Inc. DBA Greatflorida Insurance O'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, Shroff Insurance Services, Inc. DBA Greatflorida Insurance O reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $18,500
- Utilities: $500
- Rent: $6,000
Business Information - Shroff Insurance Services, Inc. DBA Greatflorida Insurance O in Davie, FL
2267 S University Dr
Davie, FL 33324
Insurance Agencies and Brokerages
NAICS code 524210
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Davie
In the Davie area, 138 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 3) and received an average PPP loan of $60,731 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
H And R Insurance Inc
Benejam Insurance Consultant Group, Inc
Team Focus Insurance Group, LLC
Fort Lauderdale, FL
Ronald David Salter
ARI N Tenenbaum
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 Shroff Insurance Services, Inc. DBA Greatflorida Insurance O'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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