RECOVERY INNOVATIONS INC
PPP Loan approved Apr 27, 2021 through Western Alliance Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $9,785,770.00 | 100.0% |
About This Loan
RECOVERY INNOVATIONS INC received a PPP loan of $9,785,770 approved on Apr 27, 2021. The loan was originated by Western Alliance Bank.
RECOVERY INNOVATIONS INC is a 501(c)3 � non profit located in PHOENIX, Arizona. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities industry (NAICS 623220), 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 $9,924,673.57 of this loan — 101.4% of the total approved amount, with forgiveness recorded on Sep 28, 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: $9,785,770 to payroll. 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 Arizona, visit the Arizona page. To compare this loan with others in the same industry, see the Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities industry page.