CALVO'S INSURANCE UNDERWRITERS, INC.
PPP Loan approved Apr 16, 2020 through Coast360 FCU
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $1,441,107.00 | 100.0% |
About This Loan
CALVO'S INSURANCE UNDERWRITERS, INC. received a PPP loan of $1,441,107 approved on Apr 16, 2020. The loan was originated by Coast360 FCU.
CALVO'S INSURANCE UNDERWRITERS, INC. is a corporation located in HAGATNA, Guam. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Agencies, Brokerages, and Other Insurance Related Activities industry (NAICS 524210), part of the Finance and Insurance sector of the economy. The applicant reported 123 jobs as retained through this loan.
The SBA forgave $1,458,760.56 of this loan — 101.2% of the total approved amount, with forgiveness recorded on Jul 8, 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: $1,441,107 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 Guam, visit the Guam page. To compare this loan with others in the same industry, see the Agencies, Brokerages, and Other Insurance Related Activities industry page.