SPECTRAFORCE TECHNOLOGIES, INC
PPP Loan approved Apr 27, 2020 through Harvest Small Business Finance, LLC
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $10,000,000.00 | 100.0% |
About This Loan
SPECTRAFORCE TECHNOLOGIES, INC received a PPP loan of $10,000,000 approved on Apr 27, 2020. The loan was originated by Harvest Small Business Finance, LLC.
SPECTRAFORCE TECHNOLOGIES, INC is a corporation located in RALEIGH, North Carolina. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Employment Services industry (NAICS 561311), part of the Administrative and Support and Waste Management sector of the economy. The applicant reported 500 jobs as retained through this loan.
The SBA forgave $10,110,410.96 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: $10,000,000 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 North Carolina, visit the North Carolina page. To compare this loan with others in the same industry, see the Employment Services industry page.