L&T GROUP OF COMPANIES LTD.
PPP Loan approved Apr 12, 2020 through Bank of Hawaii
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $578,275.00 | 100.0% |
About This Loan
L&T GROUP OF COMPANIES LTD. received a PPP loan of $578,275 approved on Apr 12, 2020. The loan was originated by Bank of Hawaii.
L&T GROUP OF COMPANIES LTD. is a corporation located in SAIPAN, Northern Mariana Islands. At the time of the application, the business was described as "unanswered".
The business operates in the Management of Companies and Enterprises industry (NAICS 551114), part of the Management of Companies and Enterprises sector of the economy. The applicant reported 39 jobs as retained through this loan.
The SBA forgave $584,897.44 of this loan — 101.1% of the total approved amount, with forgiveness recorded on Jun 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: $578,275 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 Management of Companies and Enterprises industry page.