ORTHOARKANSAS, PA
PPP Loan approved Apr 9, 2020 through Southern Bancorp Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $3,187,725.00 | 75.0% |
| Utilities | $425,030.00 | 10.0% |
| Rent / Lease | $637,545.00 | 15.0% |
About This Loan
ORTHOARKANSAS, PA received a PPP loan of $4,250,300 approved on Apr 9, 2020. The loan was originated by Southern Bancorp Bank.
ORTHOARKANSAS, PA is a subchapter s corporation located in LITTLE ROCK, Arkansas. At the time of the application, the business was described as "new business or 2 years or less".
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 363 jobs as retained through this loan.
The SBA forgave $4,299,207.56 of this loan — 101.2% of the total approved amount, with forgiveness recorded on Jun 9, 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: $3,187,725 to payroll, $425,030 to utilities, $637,545 to rent or lease obligations. The payroll component represents 75.0% 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.