SAIPAN LAULAU DEVELOPMENT, INC.
PPP Loan approved Jun 17, 2020 through First Hawaiian Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $426,300.00 | 100.0% |
About This Loan
SAIPAN LAULAU DEVELOPMENT, INC. received a PPP loan of $426,300 approved on Jun 17, 2020. The loan was originated by First Hawaiian Bank.
SAIPAN LAULAU DEVELOPMENT, 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 Other Amusement and Recreation Industries industry (NAICS 713910), part of the Arts, Entertainment, and Recreation sector of the economy. The applicant reported 99 jobs as retained through this loan.
The SBA forgave $431,166.92 of this loan — 101.1% of the total approved amount, with forgiveness recorded on Aug 11, 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: $426,300 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 Other Amusement and Recreation Industries industry page.