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PPP Loan Data — Universal Insurance Managers, Inc., Sarasota, FL

SBA PPP loan data, payroll data, and salaries for Universal Insurance Managers, Inc.
FL

Universal Insurance Managers, Inc.

Entity: Corporation

Industry: Third Party Administration of Insurance and Pension Funds

Location: Sarasota, FL

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Universal Insurance Managers, Inc. is a corporation located at 101 Paramount Drive Ste 220 in Sarasota, Florida that received a Coronavirus-related PPP loan from the SBA of $4,169,878.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$4.17M

Jobs Retained:

213

Loan Approved:

2020-04-10

Lender:

FIRSTBANK PUERTO RICO

Universal Insurance Managers, Inc. in Sarasota, FL received a Paycheck Protection Loan of $4.17M through FIRSTBANK PUERTO RICO, which was approved in April, 2020.

Based on standard PPP eligibility rules, Universal Insurance Managers, Inc.'s total 2019 payroll expenses were approximately $20.02M in order to qualify for the PPP loan amount received.

Based on their reported 213 jobs retained, this equals an estimated average yearly compensation of $93,969 per employee1.

Because the loan received by Universal Insurance Managers, Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Universal Insurance Managers, Inc. in Sarasota, FL

Universal Insurance Managers, Inc.
101 Paramount Drive Ste 220
Sarasota, FL 34232

Business Industry

Third Party Administration of Insurance and Pension Funds (NAICS code 524292)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: FL-16

Industry PPP Comparison Statistics

Nationwide, 871 businesses in the "Third Party Administration of Insurance and Pension Funds" industry received a total of $249,450,055.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 19 employees, 91% lower than Universal Insurance Managers, Inc.'s reported 213 employees, and received an average PPP loan of $286,395, 93% lower than this company's loan of $4.17M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan. All information displayed on this page is publicly available information under PPP loan guidelines, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/universal-insurance-managers-inc-sarasota-fl