W L FRENCH EXCAVATING CORP
PPP Loan approved Apr 6, 2020 through Bank of New England
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $5,280,232.50 | 100.0% |
About This Loan
W L FRENCH EXCAVATING CORP received a PPP loan of $5,280,233 approved on Apr 6, 2020. The loan was originated by Bank of New England.
W L FRENCH EXCAVATING CORP is a corporation located in NORTH BILLERICA, Massachusetts. 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 333120), part of the Manufacturing sector of the economy. The applicant reported 239 jobs as retained through this loan.
The SBA forgave $5,343,301.94 of this loan — 101.2% of the total approved amount, with forgiveness recorded on Jun 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: $5,280,233 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 Massachusetts, visit the Massachusetts page. To compare this loan with others in the same industry, see the Manufacturing industry page.