PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Lanco Manufacturing Corp, San Lorenzo, PR

SBA PPP loan data, payroll data, and salaries for Lanco Manufacturing Corp
PR

Lanco Manufacturing Corp

Entity: Corporation

Industry: Paint and Coating Manufacturing

Location: San Lorenzo, PR

Search All PPP Data

Lanco Manufacturing Corp is a corporation located at Urb. Aponte 5 in San Lorenzo, Puerto Rico that received a Coronavirus-related PPP loan from the SBA of $1,831,800.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 311 people during the applicable loan loan period.

$ PPP Loan Information
Loan #4157947110

Loan Size:

$1.83M

Jobs Retained:

311

Loan Approved:

2020-04-12

Loan Status:

Paid in Full or Forgiven

Lender:

Banco Popular de Puerto Rico

Lanco Manufacturing Corp in San Lorenzo, PR received a Paycheck Protection Loan of $1.83M through Banco Popular de Puerto Rico, 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 June, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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 Manufacturing Corp's 2019 payroll expenses are estimated to be at least $8.79M.

Based on their reported 311 jobs retained, this equals an estimated average yearly compensation of $28,272 per employee1

Reported PPP Proceed Usage:

On the PPP application, Lanco Manufacturing Corp reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,682,112
  • Utilities: $29,459
  • Rent: $120,230

Business Information - Lanco Manufacturing Corp in San Lorenzo, PR

Lanco Manufacturing Corp
Urb. Aponte 5
San Lorenzo, PR 754

Business Industry:
Paint and Coating Manufacturing
NAICS code 325510

Business Owner Demographics

Race: Unreported

Ethnicity: Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Rural

San Lorenzo County, PR — SBA Office 0252 — Congressional District: PR-

Similar Companies near San Lorenzo

In the San Lorenzo area, 3 businesses in the "Paint and Coating Manufacturing" industry received a PPP loan. These local businesses reported an average of 110 employees (compared to this company's 311) and received an average PPP loan of $628,500 (compared to this company's $1.83M).

Similar Nearby Businesses Who Received PPP Funding:

Nabra Powder Coating
San Lorenzo, PR

$26,400 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 1,981 businesses in the "Paint and Coating Manufacturing" industry received a total of $355.48M 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 16 employees, 95% lower than Lanco Manufacturing Corp's reported 311 employees, and received an average PPP loan of $179,443, 90% lower than this company's loan of $1.83M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


Have FederalPay.org's open data tools been valuable? Consider donating!

** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/lanco-manufacturing-corp-san-lorenzo-pr