NORTH AMERICA CENTRAL SCHOOL BUS INTERMEDIATE HOLDING CO, LL
PPP Loan approved Apr 16, 2020 through PNC Bank, National Association
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $10,000,000.00 | 100.0% |
About This Loan
NORTH AMERICA CENTRAL SCHOOL BUS INTERMEDIATE HOLDING CO, LL received a PPP loan of $10,000,000 approved on Apr 16, 2020. The loan was originated by PNC Bank, National Association.
NORTH AMERICA CENTRAL SCHOOL BUS INTERMEDIATE HOLDING CO, LL is a limited liability company(llc) located in JOLIET, Illinois. At the time of the application, the business was described as "unanswered".
The business operates in the School and Employee Bus Transportation industry (NAICS 485410), part of the Transportation and Warehousing sector of the economy. The applicant reported 500 jobs as retained through this loan.
The SBA forgave $10,115,555.56 of this loan — 101.2% of the total approved amount, with forgiveness recorded on Jun 11, 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: $10,000,000 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 Illinois, visit the Illinois page. To compare this loan with others in the same industry, see the School and Employee Bus Transportation industry page.