PACIFIC RIM LAND DEVELOPMENT, LLC
PPP Loan approved Apr 3, 2020 through Bank of Guam
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $575,448.00 | 95.2% |
| Utilities | $3,000.00 | 0.5% |
| Rent / Lease | $25,710.00 | 4.3% |
About This Loan
PACIFIC RIM LAND DEVELOPMENT, LLC received a PPP loan of $604,158 approved on Apr 3, 2020. The loan was originated by Bank of Guam.
PACIFIC RIM LAND DEVELOPMENT, LLC is a limited liability company(llc) 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 Nonresidential Building Construction industry (NAICS 236210), part of the Construction sector of the economy. The applicant reported 65 jobs as retained through this loan.
The SBA forgave $609,156.79 of this loan — 100.8% of the total approved amount, with forgiveness recorded on Feb 18, 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: $575,448 to payroll, $3,000 to utilities, $25,710 to rent or lease obligations. The payroll component represents 95.2% 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 Nonresidential Building Construction industry page.