THE CORVALLIS CLINIC, P.C.
PPP Loan approved Apr 28, 2020 through Commerce Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $7,038,500.00 | 80.0% |
| Utilities | $175,900.00 | 2.0% |
| Rent / Lease | $1,583,600.00 | 18.0% |
About This Loan
THE CORVALLIS CLINIC, P.C. received a PPP loan of $8,798,000 approved on Apr 28, 2020. The loan was originated by Commerce Bank.
THE CORVALLIS CLINIC, P.C. is a corporation located in CORVALLIS, Oregon. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Offices of Physicians industry (NAICS 621111), part of the Health Care and Social Assistance sector of the economy. The applicant reported 500 jobs as retained through this loan.
The SBA forgave $8,915,795.44 of this loan — 101.3% of the total approved amount, with forgiveness recorded on Aug 31, 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: $7,038,500 to payroll, $175,900 to utilities, $1,583,600 to rent or lease obligations. The payroll component represents 80.0% 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 Offices of Physicians industry page.