PPP Loan Data — State Farm Insurance Agency, Fort Pierce, FL
State Farm Insurance Agency is a sole proprietorship located at 4075 Virginia Ave in Fort Pierce, Florida that received a Coronavirus-related PPP loan from the SBA of $46,000.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:PNC Bank, National Association
State Farm Insurance Agency in Fort Pierce, FL received a Paycheck Protection Loan of $46,000 through PNC Bank, National Association, which was approved in May, 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, State Farm Insurance Agency's 2019 payroll expenses are estimated to be at least $220,800.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,160 per employee1
Reported PPP Proceed Usage:
On the PPP application, State Farm Insurance Agency reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,000
Business Information - State Farm Insurance Agency in Fort Pierce, FL
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
PPP recipients in this industry report an average of 0 employees, 100% lower than State Farm Insurance Agency's reported 5 employees, and received an average PPP loan of $0, 100% lower than this company's loan of $46,000.
FederalPay's PPP Information Policy
Footnotes & Information
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