PPP Loan Data — The Vern Insurance Group, Pearland, TX
The Vern Insurance Group is a sole proprietorship located at 3311 Broadway St in Pearland, Texas that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
The Vern Insurance Group in Pearland, TX received a Paycheck Protection Loan of $25,000 through Allegiance Bank, 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, The Vern Insurance Group's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, The Vern Insurance Group reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - The Vern Insurance Group in Pearland, TX
3311 Broadway St
Pearland, TX 77581
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 Pearland
In the Pearland area, 29 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 5) and received an average PPP loan of $41,984 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Mays Insurance Group, LLC
Kenny Black Insurance Agency Inc
Rnunez Insurance Group, LLC
Heidrich Insurance Agency LLC
Jeffery Barry Insurance Agency Inc
John Miller 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 The Vern Insurance Group's reported 5 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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