PACIFIC OFFICE AUTOMATION INC.
PPP Loan approved Apr 16, 2020 through Banner Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $9,500,000.00 | 95.0% |
| Utilities | $100,000.00 | 1.0% |
| Mortgage Interest | $400,000.00 | 4.0% |
About This Loan
PACIFIC OFFICE AUTOMATION INC. received a PPP loan of $10,000,000 approved on Apr 16, 2020. The loan was originated by Banner Bank.
PACIFIC OFFICE AUTOMATION INC. is a corporation located in BEAVERTON, Oregon. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Other Telecommunications industry (NAICS 517911), part of the Information sector of the economy. The applicant reported 500 jobs as retained through this loan.
The SBA forgave $10,150,410.96 of this loan — 101.5% of the total approved amount, with forgiveness recorded on Oct 22, 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: $9,500,000 to payroll, $100,000 to utilities, $400,000 to mortgage interest. The payroll component represents 95.0% 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 Oregon, visit the Oregon page. To compare this loan with others in the same industry, see the Other Telecommunications industry page.