MOUNT DESERT ISLAND HOSPITAL
PPP Loan approved Apr 11, 2020 through First National Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $6,956,300.00 | 100.0% |
About This Loan
MOUNT DESERT ISLAND HOSPITAL received a PPP loan of $6,956,300 approved on Apr 11, 2020. The loan was originated by First National Bank.
MOUNT DESERT ISLAND HOSPITAL is a non-profit organization located in BAR HARBOR, Maine. At the time of the application, the business was described as "unanswered". This organization is classified as a non-profit.
The business operates in the General Medical and Surgical Hospitals industry (NAICS 622110), part of the Health Care and Social Assistance sector of the economy. The applicant reported 420 jobs as retained through this loan.
The SBA forgave $7,006,926.41 of this loan — 100.7% of the total approved amount, with forgiveness recorded on Jan 4, 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: $6,956,300 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 Maine, visit the Maine page. To compare this loan with others in the same industry, see the General Medical and Surgical Hospitals industry page.