PPP Loan Data — Western Maine Pharmacy, Inc, Kingfield, ME
Western Maine Pharmacy, Inc is a subchapter s corporation located at 238 Main St in Kingfield, Maine that received a Coronavirus-related PPP loan from the SBA of $46,586.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Skowhegan Savings Bank
Western Maine Pharmacy, Inc in Kingfield, ME received a Paycheck Protection Loan of $46,586 through Skowhegan Savings Bank, 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 December, 2020.
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, Western Maine Pharmacy, Inc's 2019 payroll expenses are estimated to be at least $223,613.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $31,945 per employee1
Reported PPP Proceed Usage:
On the PPP application, Western Maine Pharmacy, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,586
Business Information - Western Maine Pharmacy, Inc in Kingfield, ME
238 Main St
Kingfield, ME 4947
Pharmacies and Drug Stores
NAICS code 446110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 18,035 businesses in the "Pharmacies and Drug Stores" industry received a total of $1.7B 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 12 employees, 71% higher than Western Maine Pharmacy, Inc's reported 7 employees, and received an average PPP loan of $94,214, 102% higher than this company's loan of $46,586.
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Footnotes & Information
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