IDEAL CONTRACTING L.L.C.
PPP Loan approved Apr 6, 2020 through The Huntington National Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $10,000,000.00 | 100.0% |
About This Loan
IDEAL CONTRACTING L.L.C. received a PPP loan of $10,000,000 approved on Apr 6, 2020. The loan was originated by The Huntington National Bank.
IDEAL CONTRACTING L.L.C. is a limited liability company(llc) located in DETROIT, Michigan. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Nonresidential Building Construction industry (NAICS 236220), part of the Construction sector of the economy. The applicant reported 417 jobs as retained through this loan.
The SBA forgave $10,110,958.90 of this loan — 101.1% of the total approved amount, with forgiveness recorded on Jun 11, 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: $10,000,000 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 Michigan, visit the Michigan page. To compare this loan with others in the same industry, see the Nonresidential Building Construction industry page.