Agencies, Brokerages, and Other Insurance Related Activities

Businesses and organizations in the Agencies, Brokerages, and Other Insurance Related Activities industry (NAICS code 5242, part of the Finance and Insurance sector) received 167,526 PPP loans totaling $6.95B during the COVID-19 pandemic.

The average loan for this industry was $41,506 — below the national PPP average of approximately $67,000. This reflects the small business character of most participants in this industry, typically sole proprietors and micro-businesses with modest payroll obligations.

93.2% of loans in this industry were forgiven — totaling $6.66B. To qualify for forgiveness, borrowers had to demonstrate that they maintained headcount and compensation levels and used at least 60% of loan proceeds for payroll expenses.

Notable recipients in this industry include TOTAL ADMINISTRATIVE SERVICES CORPORATION of MADISON, WI ($10,000,000); BEST AMERICAN HOSPITALITY CORP of NASHVILLE, TN ($7,858,865); and THE JAMES B. OSWALD COMPANY of CLEVELAND, OH ($7,616,500).

The loan amount distribution for this industry shows a more even spread across loan sizes, suggesting a mix of small and mid-sized businesses. Because borrower names are withheld for loans under $150,000, a substantial portion of recipients in this industry may not appear by name in this dataset.

As part of the broader Finance and Insurance sector — banking, credit, securities, insurance, and related financial activities. — businesses in NAICS 5242 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.