NEW ENGLAND LIFE CARE, INC.
PPP Loan approved Apr 6, 2020 through Manufacturers and Traders Trust Company
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $5,657,200.00 | 100.0% |
About This Loan
NEW ENGLAND LIFE CARE, INC. received a PPP loan of $5,657,200 approved on Apr 6, 2020. The loan was originated by Manufacturers and Traders Trust Company.
NEW ENGLAND LIFE CARE, INC. is a non-profit organization located in SOUTH PORTLAND, Maine. At the time of the application, the business was described as "existing or more than 2 years old". This organization is classified as a non-profit.
The business operates in the Home Health Care Services industry (NAICS 621610), part of the Health Care and Social Assistance sector of the economy. The applicant reported 390 jobs as retained through this loan.
The SBA forgave $5,393,815.52 of this loan — 95.3% of the total approved amount, with forgiveness recorded on Dec 21, 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: $5,657,200 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 Home Health Care Services industry page.