SOLAK BUILDERS INC.
PPP Loan approved Feb 18, 2021 through The Bank of Monroe
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $68,006.58 | 100.0% |
| Utilities | $1.00 | 0.0% |
About This Loan
SOLAK BUILDERS INC. received a PPP loan of $68,010 approved on Feb 18, 2021. The loan was originated by The Bank of Monroe.
SOLAK BUILDERS INC. is a corporation located in WHITE SULPHUR SPRINGS, 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 Residential Building Construction industry (NAICS 236115), part of the Construction sector of the economy. The applicant reported 11 jobs as retained through this loan.
The SBA forgave $68,395.28 of this loan — 100.6% of the total approved amount, with forgiveness recorded on Sep 15, 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: $68,007 to payroll, $1 to utilities. 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 Residential Building Construction industry page.