PROFAC, INC.
PPP Loan approved Jan 29, 2021 through Northeast Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $1,999,995.00 | 100.0% |
| Utilities | $1.00 | 0.0% |
About This Loan
PROFAC, INC. received a PPP loan of $2,000,000 approved on Jan 29, 2021. The loan was originated by Northeast Bank.
PROFAC, INC. is a corporation located in MENTOR, Ohio. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Manufacturing industry (NAICS 321211), part of the Manufacturing sector of the economy. The applicant reported 200 jobs as retained through this loan.
The SBA forgave $2,028,383.56 of this loan — 101.4% of the total approved amount, with forgiveness recorded on Jul 12, 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: $1,999,995 to payroll, $1 to utilities. 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 Ohio, visit the Ohio page. To compare this loan with others in the same industry, see the Manufacturing industry page.