GENERAL REFRIGERATION COMPANY
PPP Loan approved Apr 5, 2020 through Burke and Herbert Bank and Trust Company
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $1,195,940.00 | 100.0% |
About This Loan
GENERAL REFRIGERATION COMPANY received a PPP loan of $1,195,940 approved on Apr 5, 2020. The loan was originated by Burke and Herbert Bank and Trust Company.
GENERAL REFRIGERATION COMPANY is a subchapter s corporation located in DELMAR, Delaware. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Commercial and Industrial Machinery and Equipment Repair and Maintenance industry (NAICS 811310), part of the Other Services (except Public Administration) sector of the economy. The applicant reported 80 jobs as retained through this loan.
The SBA forgave $1,210,125.18 of this loan — 101.2% of the total approved amount, with forgiveness recorded on Jun 14, 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: $1,195,940 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 Delaware, visit the Delaware page. To compare this loan with others in the same industry, see the Commercial and Industrial Machinery and Equipment Repair and Maintenance industry page.