UNITED AUTOMOBILE INSURANCE COMPANY
PPP Loan approved Apr 4, 2020 through Signature Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $4,863,700.00 | 100.0% |
About This Loan
UNITED AUTOMOBILE INSURANCE COMPANY received a PPP loan of $4,863,700 approved on Apr 4, 2020. The loan was originated by Signature Bank.
UNITED AUTOMOBILE INSURANCE COMPANY is a sole proprietorship located in MIAMI, Florida. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Insurance Carriers industry (NAICS 524126), part of the Finance and Insurance sector of the economy. The applicant reported 240 jobs as retained through this loan.
The SBA forgave $4,920,848.47 of this loan — 101.2% of the total approved amount, with forgiveness recorded on Jun 11, 2021. This means the borrower was not required to repay this portion, having satisfied the PPP's eligibility criteria for forgiveness, including maintaining payroll levels and using the funds for qualified expenses.
According to the SBA's records, the proceeds of this loan were allocated as follows: $4,863,700 to payroll. The payroll component represents 100.0% of disclosed proceeds, consistent with the program's requirement that at least 60% of loan funds be used for payroll costs to qualify for full forgiveness.
This loan is one of millions approved nationwide during the COVID-19 pandemic. To explore other recipients in Florida, visit the Florida page. To compare this loan with others in the same industry, see the Insurance Carriers industry page.