PPP Loan Data — Locust Avenue Farm Inc, Bohemia, NY
Locust Avenue Farm Inc is a subchapter s corporation located at 982 Locust Ave in Bohemia, New York that received a Coronavirus-related PPP loan from the SBA of $47,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Celtic Bank Corporation
Locust Avenue Farm Inc in Bohemia, NY received a Paycheck Protection Loan of $47,000 through Celtic Bank Corporation, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, Locust Avenue Farm Inc's 2019 payroll expenses are estimated to be at least $225,600.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $32,229 per employee1
Reported PPP Proceed Usage:
On the PPP application, Locust Avenue Farm Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $35,250
- Utilities: $11,750
Business Information - Locust Avenue Farm Inc in Bohemia, NY
982 Locust Ave
Bohemia, NY 11716
Other Vegetable (except Potato) and Melon Farming
NAICS code 111219
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 5,617 businesses in the "Other Vegetable (except Potato) and Melon Farming" industry received a total of $452.09M 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 13 employees, 86% higher than Locust Avenue Farm Inc's reported 7 employees, and received an average PPP loan of $80,486, 71% higher than this company's loan of $47,000.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!