SOUTHERN MARYLAND ELECTRIC COOPERATIVE, INC.
PPP Loan approved Apr 15, 2020 through Manufacturers and Traders Trust Company
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $5,444,888.00 | 63.6% |
| Mortgage Interest | $2,168,755.00 | 25.3% |
| Health Care | $947,234.00 | 11.1% |
About This Loan
SOUTHERN MARYLAND ELECTRIC COOPERATIVE, INC. received a PPP loan of $8,560,877 approved on Apr 15, 2020. The loan was originated by Manufacturers and Traders Trust Company.
SOUTHERN MARYLAND ELECTRIC COOPERATIVE, INC. is a limited liability company(llc) located in HUGHESVILLE, Maryland. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Electric Power Generation, Transmission and Distribution industry (NAICS 221122), part of the Utilities sector of the economy. The applicant reported 476 jobs as retained through this loan.
The SBA forgave $8,660,089.36 of this loan — 101.2% of the total approved amount, with forgiveness recorded on Jun 18, 2021. This means the borrower was not required to repay this portion, having satisfied the PPP's eligibility criteria for forgiveness, including maintaining payroll levels and using the funds for qualified expenses.
According to the SBA's records, the proceeds of this loan were allocated as follows: $5,444,888 to payroll, $2,168,755 to mortgage interest, $947,234 to health care costs. The payroll component represents 63.6% of disclosed proceeds, consistent with the program's requirement that at least 60% of loan funds be used for payroll costs to qualify for full forgiveness.
This loan is one of millions approved nationwide during the COVID-19 pandemic. To explore other recipients in Maryland, visit the Maryland page. To compare this loan with others in the same industry, see the Electric Power Generation, Transmission and Distribution industry page.