ELITE FUELS TRANSPORTATION, INC.
PPP Loan approved Feb 10, 2021 through Banc of California
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $1,099,082.00 | 100.0% |
| Utilities | $1.00 | 0.0% |
About This Loan
ELITE FUELS TRANSPORTATION, INC. received a PPP loan of $1,099,087 approved on Feb 10, 2021. The loan was originated by Banc of California.
ELITE FUELS TRANSPORTATION, INC. is a corporation located in RIVERSIDE, California. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Other Pipeline Transportation industry (NAICS 486910), part of the Transportation and Warehousing sector of the economy. The applicant reported 52 jobs as retained through this loan.
The SBA forgave $1,107,518.35 of this loan — 100.8% of the total approved amount, with forgiveness recorded on Nov 22, 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: $1,099,082 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 California, visit the California page. To compare this loan with others in the same industry, see the Other Pipeline Transportation industry page.