OKLAHOMA FARM BUREAU MUTUAL INSURANCE CO.
PPP Loan approved Apr 8, 2020 through BancFirst
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $3,958,125.00 | 75.0% |
| Utilities | $297,650.00 | 5.6% |
| Health Care | $1,021,625.00 | 19.4% |
About This Loan
OKLAHOMA FARM BUREAU MUTUAL INSURANCE CO. received a PPP loan of $5,277,400 approved on Apr 8, 2020. The loan was originated by BancFirst.
OKLAHOMA FARM BUREAU MUTUAL INSURANCE CO. is a corporation located in OKLAHOMA CITY, Oklahoma. 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 489 jobs as retained through this loan.
The SBA forgave $5,339,716.70 of this loan — 101.2% of the total approved amount, with forgiveness recorded on Jun 16, 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: $3,958,125 to payroll, $297,650 to utilities, $1,021,625 to health care costs. The payroll component represents 75.0% 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 Oklahoma, visit the Oklahoma page. To compare this loan with others in the same industry, see the Insurance Carriers industry page.