SOMIC AMERICA, INC.
PPP Loan approved Apr 10, 2020 through KeyBank National Association
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $5,056,672.00 | 100.0% |
About This Loan
SOMIC AMERICA, INC. received a PPP loan of $5,056,672 approved on Apr 10, 2020. The loan was originated by KeyBank National Association.
SOMIC AMERICA, INC. is a corporation located in BREWER, Maine. At the time of the application, the business was described as "unanswered".
The business operates in the Manufacturing industry (NAICS 336390), part of the Manufacturing sector of the economy. The applicant reported 470 jobs as retained through this loan.
The SBA forgave $5,160,576.22 of this loan — 102.1% of the total approved amount, with forgiveness recorded on May 11, 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: $5,056,672 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 Manufacturing industry page.