AMERICAN TRANSIT INSURANCE COMPANY
PPP Loan approved Apr 9, 2020 through JPMorgan Chase Bank, National Association
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $5,999,999.00 | 79.8% |
| Utilities | $18,398.00 | 0.2% |
| Rent / Lease | $300,000.00 | 4.0% |
| Health Care | $1,200,000.00 | 16.0% |
About This Loan
AMERICAN TRANSIT INSURANCE COMPANY received a PPP loan of $7,518,397 approved on Apr 9, 2020. The loan was originated by JPMorgan Chase Bank, National Association.
AMERICAN TRANSIT INSURANCE COMPANY is a corporation located in BROOKLYN, New York. 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 500 jobs as retained through this loan.
The SBA forgave $7,627,894.10 of this loan — 101.5% of the total approved amount, with forgiveness recorded on Sep 28, 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: $5,999,999 to payroll, $18,398 to utilities, $300,000 to rent or lease obligations, $1,200,000 to health care costs. The payroll component represents 79.8% 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 New York, visit the New York page. To compare this loan with others in the same industry, see the Insurance Carriers industry page.