CUMULUS BROADCASTING LLC
PPP Loan approved Mar 25, 2021 through Fifth Third Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $9,822,227.00 | 100.0% |
| Utilities | $1.00 | 0.0% |
About This Loan
CUMULUS BROADCASTING LLC received a PPP loan of $9,822,232 approved on Mar 25, 2021. The loan was originated by Fifth Third Bank.
CUMULUS BROADCASTING LLC is a limited liability company(llc) located in ATLANTA, Georgia. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Radio and Television Broadcasting industry (NAICS 515112), part of the Information sector of the economy. The applicant reported 500 jobs as retained through this loan.
The SBA forgave $9,874,617.24 of this loan — 100.5% of the total approved amount, with forgiveness recorded on Oct 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: $9,822,227 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 Georgia, visit the Georgia page. To compare this loan with others in the same industry, see the Radio and Television Broadcasting industry page.