PRECOA, LLC
PPP Loan approved Apr 5, 2020 through Lewis & Clark Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $3,504,622.00 | 89.8% |
| Utilities | $42,246.00 | 1.1% |
| Rent / Lease | $156,932.00 | 4.0% |
| Health Care | $197,817.00 | 5.1% |
About This Loan
PRECOA, LLC received a PPP loan of $4,073,272 approved on Apr 5, 2020. The loan was originated by Lewis & Clark Bank.
PRECOA, LLC is a limited liability company(llc) located in PORTLAND, Oregon. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Insurance Carriers industry (NAICS 524113), part of the Finance and Insurance sector of the economy. The applicant reported 255 jobs as retained through this loan.
The SBA forgave $4,120,588.91 of this loan — 101.2% of the total approved amount, with forgiveness recorded on Jun 9, 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: $3,504,622 to payroll, $42,246 to utilities, $156,932 to rent or lease obligations, $197,817 to health care costs. The payroll component represents 89.8% 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.