METROMILE, INC.
PPP Loan approved Apr 7, 2020 through Western Alliance Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $4,600,000.00 | 78.2% |
| Utilities | $270,000.00 | 4.6% |
| Rent / Lease | $510,000.00 | 8.7% |
| Health Care | $500,000.00 | 8.5% |
About This Loan
METROMILE, INC. received a PPP loan of $5,880,000 approved on Apr 7, 2020. The loan was originated by Western Alliance Bank.
METROMILE, INC. is a corporation located in SAN FRANCISCO, California. 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 320 jobs as retained through this loan.
No forgiveness has been recorded for this loan in the SBA's September 2024 data release. Possible explanations include: the borrower chose to repay rather than apply for forgiveness; the forgiveness application was denied; the loan was still in repayment status at the time of the data freeze; or the borrower defaulted, leading to a charge-off.
According to the SBA's records, the proceeds of this loan were allocated as follows: $4,600,000 to payroll, $270,000 to utilities, $510,000 to rent or lease obligations, $500,000 to health care costs. The payroll component represents 78.2% 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 California, visit the California page. To compare this loan with others in the same industry, see the Insurance Carriers industry page.