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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 132 people during the applicable loan loan period.

$ PPP Loan Information
Loan #6775387104

Loan Size:

$2.57M

Jobs Retained:

132

Loan Approved:

2020-04-14

Loan Status:

Paid in Full or Forgiven

Lender:

MountainOne Bank

XS Brokers Insurance Agency Inc in Quincy, MA received a Paycheck Protection Loan of $2.57M through MountainOne Bank, 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 July, 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.

Read More
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.

Read More

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, XS Brokers Insurance Agency Inc's 2019 payroll expenses are estimated to be at least $12.36M.

Based on their reported 132 jobs retained, this equals an estimated average yearly compensation of $93,628 per employee1

Reported PPP Proceed Usage:

On the PPP application, XS Brokers Insurance Agency Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,574,766
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: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Norfolk County, MA — SBA Office 0101 — Congressional District: MA-08

Similar Companies near Quincy

In the Quincy area, 20 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 13 employees (compared to this company's 132) and received an average PPP loan of $205,532 (compared to this company's $2.57M).

Industry PPP Comparison Statistics

Nationwide, 148,603 businesses in the "Insurance Agencies and Brokerages" industry received a total of $5.85B 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, 97% lower than XS Brokers Insurance Agency Inc's reported 132 employees, and received an average PPP loan of $39,368, 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. 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.

Search FederalPay's Full PPP Loan Database

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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Source: www.federalpay.org/paycheck-protection-program/xs-brokers-insurance-agency-inc-quincy-ma