PPP Loan Data — Sockey Insurance, Stigler, OK
Sockey Insurance is a subchapter s corporation located at 602 E Main St in Stigler, Oklahoma that received a Coronavirus-related PPP loan from the SBA of $25,500.00 in April, 2020. This business is a Farmers Insurance Agent Appointment Agreement franchise.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The Central National Bank of Poteau
Sockey Insurance in Stigler, OK received a Paycheck Protection Loan of $25,500 through The Central National Bank of Poteau, 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 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, Sockey Insurance's 2019 payroll expenses are estimated to be at least $122,400.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,480 per employee1
Reported PPP Proceed Usage:
On the PPP application, Sockey Insurance reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $20,500
- Utilities: $1,500
- Mortgage Interest: $2,500
- Debt Interest: $1,000
Business Information - Sockey Insurance in Stigler, OK
602 E Main St
Stigler, OK 74462
Insurance Agencies and Brokerages
NAICS code 524210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Stigler
In the Stigler area, 7 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 5) and received an average PPP loan of $12,829 (compared to this company's $25,500).
Similar Nearby Businesses Who Received PPP Funding:
Clark Agency LLC
American National Insurance
COX Insurance Agency 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, 20% lower than Sockey Insurance's reported 5 employees, and received an average PPP loan of $39,254, 54% higher than this company's loan of $25,500.
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Footnotes & Information
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