THE SEVENTH-DAY ADVENTIST MISSION OF THE NORTHERN MARIANA IS
PPP Loan approved Mar 31, 2021 through Bank of Guam
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $479,222.07 | 100.0% |
| Utilities | $1.00 | 0.0% |
About This Loan
THE SEVENTH-DAY ADVENTIST MISSION OF THE NORTHERN MARIANA IS received a PPP loan of $479,226 approved on Mar 31, 2021. The loan was originated by Bank of Guam.
THE SEVENTH-DAY ADVENTIST MISSION OF THE NORTHERN MARIANA IS is a non-profit organization located in SAIPAN, Northern Mariana Islands. At the time of the application, the business was described as "existing or more than 2 years old". This organization is classified as a non-profit.
The business operates in the Offices of Physicians industry (NAICS 621111), part of the Health Care and Social Assistance sector of the economy. The applicant reported 40 jobs as retained through this loan.
The SBA forgave $483,900.17 of this loan — 101.0% of the total approved amount, with forgiveness recorded on Apr 29, 2022. 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: $479,222 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 Offices of Physicians industry page.