LOTUS COMMUNICATIONS CORP.
PPP Loan approved Apr 3, 2020 through City National Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $4,000,000.00 | 78.8% |
| Mortgage Interest | $1,000,000.00 | 19.7% |
| Health Care | $75,000.00 | 1.5% |
About This Loan
LOTUS COMMUNICATIONS CORP. received a PPP loan of $5,075,000 approved on Apr 3, 2020. The loan was originated by City National Bank.
LOTUS COMMUNICATIONS CORP. is a corporation located in LOS ANGELES, California. 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 250 jobs as retained through this loan.
The SBA forgave $5,146,328.08 of this loan — 101.4% of the total approved amount, with forgiveness recorded on Sep 17, 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: $4,000,000 to payroll, $1,000,000 to mortgage interest, $75,000 to health care costs. The payroll component represents 78.8% 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 California, visit the California page. To compare this loan with others in the same industry, see the Radio and Television Broadcasting industry page.