You can now pull the individual lengths of yarn from the hank by pulling from the remaining single loop.
Each length will be nearly identical in length - about 19 inches. The remaining paper band will help keep the hank tody as you pull lengths of yarn as you stitch.
If the paper band starts to lose the threads, tighten it by wrapping with a bit of tape. This way, you will always have the original band and will always know what color, brand or lot number you are using.