M FINANCIAL HOLDINGS INCORPORATED
PPP Loan approved Apr 14, 2020 through Washington Trust Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $4,200,000.00 | 100.0% |
About This Loan
M FINANCIAL HOLDINGS INCORPORATED received a PPP loan of $4,200,000 approved on Apr 14, 2020. The loan was originated by Washington Trust Bank.
M FINANCIAL HOLDINGS INCORPORATED is a corporation located in PORTLAND, Oregon. At the time of the application, the business was described as "unanswered".
The business operates in the Insurance Carriers industry (NAICS 524130), part of the Finance and Insurance sector of the economy. The applicant reported 232 jobs as retained through this loan.
The SBA forgave $4,253,506.85 of this loan — 101.3% of the total approved amount, with forgiveness recorded on Aug 2, 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: $4,200,000 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 Oregon, visit the Oregon page. To compare this loan with others in the same industry, see the Insurance Carriers industry page.