PPP Loan Data — Mccormick Farms, Inc, Kremlin, MT
Mccormick Farms, Inc is a corporation located at Po Box 52 in Kremlin, Montana that received a Coronavirus-related PPP loan from the SBA of $25,300.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Stockman Bank of Montana
Mccormick Farms, Inc in Kremlin, MT received a Paycheck Protection Loan of $25,300 through Stockman Bank of Montana, 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
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, Mccormick Farms, Inc's 2019 payroll expenses are estimated to be at least $121,440.
Based on their reported 9 jobs retained, this equals an estimated average yearly compensation of $13,493 per employee1
Reported PPP Proceed Usage:
On the PPP application, Mccormick Farms, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,300
Business Information - Mccormick Farms, Inc in Kremlin, MT
Po Box 52
Kremlin, MT 59532
NAICS code 111140
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Kremlin
In the Kremlin area, 43 businesses in the "Wheat Farming" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 9) and received an average PPP loan of $11,692 (compared to this company's $25,300).
Similar Nearby Businesses Who Received PPP Funding:
S & L Inc
Dusty Road Inc
Silent J Inc
V & N Inc
G & T Grain Farms Inc
K & K Wheat Farms Inc
DD & J Farms
Industry PPP Comparison Statistics
Nationwide, 12,730 businesses in the "Wheat Farming" industry received a total of $250.14M 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 2 employees, 78% lower than Mccormick Farms, Inc's reported 9 employees, and received an average PPP loan of $19,650, 22% lower than this company's loan of $25,300.
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Footnotes & Information
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