CARTI
PPP Loan approved May 15, 2021 through People Trust
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $9,232,627.00 | 100.0% |
| Utilities | $1.00 | 0.0% |
About This Loan
CARTI received a PPP loan of $9,232,632 approved on May 15, 2021. The loan was originated by People Trust.
CARTI is a 501(c)3 � non profit located in LITTLE ROCK, Arkansas. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Offices of Physicians industry (NAICS 621111), part of the Health Care and Social Assistance sector of the economy. The applicant reported 500 jobs as retained through this loan.
The SBA forgave $8,836,608.87 of this loan — 95.7% of the total approved amount, with forgiveness recorded on Jan 20, 2022. 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: $9,232,627 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 Arkansas, visit the Arkansas page. To compare this loan with others in the same industry, see the Offices of Physicians industry page.