PACIFIC RIM LAND DEVELOPMENT LLC
PPP Loan approved Feb 8, 2021 through Bank of Guam
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $604,151.50 | 100.0% |
| Utilities | $1.00 | 0.0% |
About This Loan
PACIFIC RIM LAND DEVELOPMENT LLC received a PPP loan of $604,158 approved on Feb 8, 2021. 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 Residential Building Construction industry (NAICS 236116), part of the Construction sector of the economy. The applicant reported 39 jobs as retained through this loan.
The SBA forgave $607,716.24 of this loan — 100.6% of the total approved amount, with forgiveness recorded on Oct 6, 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: $604,152 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 Northern Mariana Islands, visit the Northern Mariana Islands page. To compare this loan with others in the same industry, see the Residential Building Construction industry page.