SCOTCH PLYWOOD COMPANY, INC.
PPP Loan approved Apr 13, 2020 through Hancock Whitney Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $4,498,200.00 | 78.2% |
| Utilities | $625,000.00 | 10.9% |
| Health Care | $630,000.00 | 11.0% |
About This Loan
SCOTCH PLYWOOD COMPANY, INC. received a PPP loan of $5,753,200 approved on Apr 13, 2020. The loan was originated by Hancock Whitney Bank.
SCOTCH PLYWOOD COMPANY, INC. is a subchapter s corporation located in FULTON, Alabama. 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 321212), part of the Manufacturing sector of the economy. The applicant reported 426 jobs as retained through this loan.
The SBA forgave $5,825,115.00 of this loan — 101.3% of the total approved amount, with forgiveness recorded on Jul 15, 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: $4,498,200 to payroll, $625,000 to utilities, $630,000 to health care costs. The payroll component represents 78.2% 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 Alabama, visit the Alabama page. To compare this loan with others in the same industry, see the Manufacturing industry page.