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PPP Loan Data — Utica First Insurance Company, Oriskany, NY

SBA PPP loan data, payroll data, and salaries for Utica First Insurance Company

Utica First Insurance Company

Entity: Limited Liability Company (LLC)

Industry: Direct Property and Casualty Insurance Carriers

Location: Oriskany, NY

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Utica First Insurance Company is a limited liability company (LLC) located at 5981 Airport Road in Oriskany, New York that received a Coronavirus-related PPP loan from the SBA of $1,734,630.00 in April, 2020.

$ PPP Loan Information
Loan #8482677103

Loan Size:


Jobs Retained:


Loan Approved:


Loan Status:

Paid in Full or Forgiven


Manufacturers and Traders Trust Company

Utica First Insurance Company in Oriskany, NY received a Paycheck Protection Loan of $1.73M through Manufacturers and Traders Trust Company, 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 February, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

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Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

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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, Utica First Insurance Company's 2019 payroll expenses are estimated to be at least $8.33M.

Based on their reported 108 jobs retained, this equals an estimated average yearly compensation of $77,095 per employee1

Reported PPP Proceed Usage:

On the PPP application, Utica First Insurance Company reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,344,730
  • Utilities: $53,000
  • Rent: $76,250
  • Health Care: $184,850
  • Debt Interest: $75,800

Business Information - Utica First Insurance Company in Oriskany, NY

Utica First Insurance Company
5981 Airport Road
Oriskany, NY 13424

Business Industry:
Direct Property and Casualty Insurance Carriers
NAICS code 524126

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Oneida County, NY — SBA Office 0248 — Congressional District: NY-22

Industry PPP Comparison Statistics

Nationwide, 5,686 businesses in the "Direct Property and Casualty Insurance Carriers" industry received a total of $400.58M in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.

PPP recipients in this industry report an average of 6 employees, 94% lower than Utica First Insurance Company's reported 108 employees, and received an average PPP loan of $70,450, 96% lower than this company's loan of $1.73M.

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, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

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Footnotes & Information

1. Estimations for informational purposes only. 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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