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PPP Loan Data — XS Brokers Insurance Agency Inc, Quincy, MA

SBA PPP loan data, payroll data, and salaries for XS Brokers Insurance Agency Inc
MA

XS Brokers Insurance Agency Inc

Entity: Subchapter S Corporation

Industry: Insurance Agencies and Brokerages

Location: Quincy, MA

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XS Brokers Insurance Agency Inc is a subchapter s corporation located at 13 Temple St in Quincy, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $2,574,766.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 130 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$2.57M

Jobs Retained:

130

Loan Approved:

2020-04-14

Lender:

MOUNTAINONE BANK

XS Brokers Insurance Agency Inc received a Paycheck Protection Loan of $2.57M through MOUNTAINONE BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, XS Brokers Insurance Agency Inc's total 2019 payroll expenses were approximately $12.36M in order to qualify for the PPP loan amount received.

Based on their reported 130 jobs retained, this equals an estimated average yearly compensation of $95,068 per employee1.

Because the loan received by XS Brokers Insurance Agency 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 - XS Brokers Insurance Agency Inc in Quincy, MA

XS Brokers Insurance Agency Inc
13 Temple St
Quincy, MA 2169

Business Industry

Insurance Agencies and Brokerages (NAICS code 524210)

Business Owner Demographics

Race / Ethnicity: WHITE

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional District: MA-08

Similar Companies near Quincy

In the Quincy area, 15 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 11 employees (compared to this company's 130) and received an average PPP loan of $244,751 (compared to this company's $2.57M).

Industry PPP Comparison Statistics

Nationwide, 90,958 businesses in the "Insurance Agencies and Brokerages" industry received a total of $4,494,836,388.00 in PPP loans. These businesses account for 2% 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, 97% lower than XS Brokers Insurance Agency Inc's reported 130 employees, and received an average PPP loan of $49,417, 98% lower than this company's loan of $2.57M.

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.

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/xs-brokers-insurance-agency-inc-quincy-ma