MONARCH
PPP Loan approved Apr 29, 2020 through First-Citizens Bank & Trust Company
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
MONARCH received a PPP loan of $10,000,000 approved on Apr 29, 2020. The loan was originated by First-Citizens Bank & Trust Company.
MONARCH is a professional association located in ALBEMARLE, North Carolina. At the time of the application, the business was described as "new business or 2 years or less".
The business operates in the Outpatient Care Centers industry (NAICS 621420), part of the Health Care and Social Assistance sector of the economy. The applicant reported 500 jobs as retained through this loan.
The SBA forgave $10,166,027.40 of this loan — 101.7% of the total approved amount, with forgiveness recorded on Jan 10, 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: $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 Outpatient Care Centers industry page.