GBG USA INC

GBG USA INC received a PPP loan of $10,000,000 approved on Apr 14, 2020. The loan was originated by OneWest Bank, A Division of First-Citizens Bank and Trust Company.

GBG USA INC is a corporation located in GREENSBORO, 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 Apparel, Piece Goods, and Notions Merchant Wholesalers industry (NAICS 424330), part of the Wholesale Trade sector of the economy. The applicant reported 340 jobs as retained through this loan.

The SBA forgave $10,115,555.56 of this loan — 101.2% of the total approved amount, with forgiveness recorded on Jun 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: $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 Apparel, Piece Goods, and Notions Merchant Wholesalers industry page.