COMMODORE CONSTRUCTION CORP.
PPP Loan approved Apr 14, 2020 through Manufacturers and Traders Trust Company
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $7,500,000.00 | 75.0% |
| Utilities | $50,000.00 | 0.5% |
| Rent / Lease | $200,000.00 | 2.0% |
| Health Care | $2,250,000.00 | 22.5% |
About This Loan
COMMODORE CONSTRUCTION CORP. received a PPP loan of $10,000,000 approved on Apr 14, 2020. The loan was originated by Manufacturers and Traders Trust Company.
COMMODORE CONSTRUCTION CORP. is a subchapter s corporation located in MOUNT VERNON, 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 420 jobs as retained through this loan.
The SBA forgave $10,131,780.82 of this loan — 101.3% of the total approved amount, with forgiveness recorded on Aug 12, 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: $7,500,000 to payroll, $50,000 to utilities, $200,000 to rent or lease obligations, $2,250,000 to health care costs. The payroll component represents 75.0% 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.