ARKANSAS GLASS CONTAINER CORPORATION
PPP Loan approved Apr 8, 2020 through First Community Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $1,889,060.62 | 75.0% |
| Utilities | $629,686.88 | 25.0% |
About This Loan
ARKANSAS GLASS CONTAINER CORPORATION received a PPP loan of $2,518,748 approved on Apr 8, 2020. The loan was originated by First Community Bank.
ARKANSAS GLASS CONTAINER CORPORATION is a corporation located in JONESBORO, Arkansas. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Manufacturing industry (NAICS 327213), part of the Manufacturing sector of the economy. The applicant reported 225 jobs as retained through this loan.
The SBA forgave $2,547,247.30 of this loan — 101.1% of the total approved amount, with forgiveness recorded on Jun 2, 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: $1,889,061 to payroll, $629,687 to utilities. 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 Manufacturing industry page.