SPATES FABRICATORS INC.
PPP Loan approved Apr 27, 2020 through Banc of California
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $2,351,780.00 | 100.0% |
About This Loan
SPATES FABRICATORS INC. received a PPP loan of $2,351,780 approved on Apr 27, 2020. The loan was originated by Banc of California.
SPATES FABRICATORS INC. is a corporation located in THERMAL, California. At the time of the application, the business was described as "new business or 2 years or less".
The business operates in the Manufacturing industry (NAICS 321214), part of the Manufacturing sector of the economy. The applicant reported 168 jobs as retained through this loan.
The SBA forgave $2,377,488.50 of this loan — 101.1% of the total approved amount, with forgiveness recorded on Jun 9, 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: $2,351,780 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 California, visit the California page. To compare this loan with others in the same industry, see the Manufacturing industry page.