MICRONESIA RESORT INC.
PPP Loan approved Apr 27, 2020 through First Hawaiian Bank
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $1,596,207.50 | 100.0% |
About This Loan
MICRONESIA RESORT INC. received a PPP loan of $1,596,208 approved on Apr 27, 2020. The loan was originated by First Hawaiian Bank.
MICRONESIA RESORT INC. is a corporation located in SAIPAN, Northern Mariana Islands. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Traveler Accommodation industry (NAICS 721110), part of the Accommodation and Food Services sector of the economy. The applicant reported 300 jobs as retained through this loan.
The SBA forgave $1,617,002.54 of this loan — 101.3% of the total approved amount, with forgiveness recorded on Aug 16, 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: $1,596,208 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 Northern Mariana Islands, visit the Northern Mariana Islands page. To compare this loan with others in the same industry, see the Traveler Accommodation industry page.