CORD CONTRACTING CO, INC
PPP Loan approved Apr 10, 2020 through Valley National Bank
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
CORD CONTRACTING CO, INC received a PPP loan of $10,000,000 approved on Apr 10, 2020. The loan was originated by Valley National Bank.
CORD CONTRACTING CO, INC is a subchapter s corporation located in WOODBURY, New York. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Other Specialty Trade Contractors industry (NAICS 238990), part of the Construction sector of the economy. The applicant reported 272 jobs as retained through this loan.
The SBA forgave $10,127,500.00 of this loan — 101.3% of the total approved amount, with forgiveness recorded on Jul 26, 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 New York, visit the New York page. To compare this loan with others in the same industry, see the Other Specialty Trade Contractors industry page.