LEXINGTON COAL COMPANY, INC
PPP Loan approved Apr 27, 2020 through Valley National Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $5,553,872.00 | 100.0% |
About This Loan
LEXINGTON COAL COMPANY, INC received a PPP loan of $5,553,872 approved on Apr 27, 2020. The loan was originated by Valley National Bank.
LEXINGTON COAL COMPANY, INC is a limited liability company(llc) located in MILTON, West Virginia. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Mining, Quarrying, and Oil and Gas Extraction industry (NAICS 213113), part of the Mining, Quarrying, and Oil and Gas Extraction sector of the economy. The applicant reported 139 jobs as retained through this loan.
The SBA forgave $5,630,392.01 of this loan — 101.4% of the total approved amount, with forgiveness recorded on Sep 13, 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: $5,553,872 to payroll. The payroll component represents 100.0% 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 West Virginia, visit the West Virginia page. To compare this loan with others in the same industry, see the Mining, Quarrying, and Oil and Gas Extraction industry page.