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PPP Loan Data — The First District Association,
Litchfield, MN
The First District Association
Entity: Cooperative
Industry: Fluid Milk Manufacturing
Location: Litchfield, MN
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The First District Association is a cooperative located at 101 South Swift Avenue in Litchfield, Minnesota that received a Coronavirus-related PPP loan from the SBA of $3,000,000.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 166 people during the applicable loan loan period.
$ PPP Loan Information
Loan Size:
Jobs Retained:
166Loan Approved:
2020-04-08Lender:
CENTER NATIONAL BANKThe First District Association received a Paycheck Protection Loan of $3M through CENTER NATIONAL BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, The First District Association's total 2019 payroll expenses were approximately $14.4M in order to qualify for the PPP loan amount received.
Based on their reported 166 jobs retained, this equals an estimated average yearly compensation of $86,747 per employee1.
Business Information - The First District Association in Litchfield, MN
101 South Swift Avenue
Litchfield, MN 55355
Business Industry
Fluid Milk Manufacturing (NAICS code 311511)
Business Owner Demographics
Race / Ethnicity: WHITE
Gender: MALE OWNED
Veteran Status: Unreported
Congressional District: MN-07Industry PPP Comparison Statistics
Nationwide, 204 businesses in the "Fluid Milk Manufacturing" industry received a total of $121,641,804.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 46 employees, 72% lower than The First District Association's reported 166 employees, and received an average PPP loan of $596,283, 80% lower than this company's loan of $3M.
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.
Footnotes & Information
1. 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.
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