PPP Loan Data — Lanco Dairy Farms Co-Op, Inc, Hagerstown, MD
Lanco Dairy Farms Co-Op, Inc is a cooperative located at 1258 Maryland Ave in Hagerstown, Maryland that received a Coronavirus-related PPP loan from the SBA of $1,841,458.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Fulton Bank, National Association
Lanco Dairy Farms Co-Op, Inc in Hagerstown, MD received a Paycheck Protection Loan of $1.84M through Fulton Bank, National Association, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in February, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Lanco Dairy Farms Co-Op, Inc's 2019 payroll expenses are estimated to be at least $8.84M.
Based on their reported 123 jobs retained, this equals an estimated average yearly compensation of $71,862 per employee1
Reported PPP Proceed Usage:
On the PPP application, Lanco Dairy Farms Co-Op, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,381,094
- Utilities: $230,364
- Mortgage Interest: $230,000
Business Information - Lanco Dairy Farms Co-Op, Inc in Hagerstown, MD
1258 Maryland Ave
Hagerstown, MD 21740
Fluid Milk Manufacturing
NAICS code 311511
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 274 businesses in the "Fluid Milk Manufacturing" industry received a total of $120.57M in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 38 employees, 69% lower than Lanco Dairy Farms Co-Op, Inc's reported 123 employees, and received an average PPP loan of $440,024, 76% lower than this company's loan of $1.84M.
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Footnotes & Information
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