SWEETSER
PPP Loan approved Apr 8, 2021 through Saco & Biddeford Savings Institution
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $8,830,162.00 | 100.0% |
| Utilities | $1.00 | 0.0% |
About This Loan
SWEETSER received a PPP loan of $8,830,167 approved on Apr 8, 2021. The loan was originated by Saco & Biddeford Savings Institution.
SWEETSER is a professional association located in SACO, Maine. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Offices of Other Health Practitioners industry (NAICS 621330), part of the Health Care and Social Assistance sector of the economy. The applicant reported 500 jobs as retained through this loan.
The SBA forgave $8,925,000.57 of this loan — 101.1% of the total approved amount, with forgiveness recorded on May 17, 2022. 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: $8,830,162 to payroll, $1 to utilities. 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 Maine, visit the Maine page. To compare this loan with others in the same industry, see the Offices of Other Health Practitioners industry page.