LITTFIN LUMBER CO.
PPP Loan approved Apr 8, 2020 through Security Bank & Trust Company
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $1,764,000.00 | 89.1% |
| Utilities | $16,000.00 | 0.8% |
| Health Care | $200,000.00 | 10.1% |
About This Loan
LITTFIN LUMBER CO. received a PPP loan of $1,980,000 approved on Apr 8, 2020. The loan was originated by Security Bank & Trust Company.
LITTFIN LUMBER CO. is a corporation located in WINSTED, Minnesota. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Manufacturing industry (NAICS 321214), part of the Manufacturing sector of the economy. The applicant reported 180 jobs as retained through this loan.
The SBA forgave $1,994,190.00 of this loan — 100.7% of the total approved amount, with forgiveness recorded on Dec 31, 2020. 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: $1,764,000 to payroll, $16,000 to utilities, $200,000 to health care costs. The payroll component represents 89.1% 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 Minnesota, visit the Minnesota page. To compare this loan with others in the same industry, see the Manufacturing industry page.