REDS ELECTRICAL SERVICE INC
PPP Loan approved Mar 10, 2021 through KeyBank National Association
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $1,954,498.00 | 100.0% |
| Utilities | $1.00 | 0.0% |
About This Loan
REDS ELECTRICAL SERVICE INC received a PPP loan of $1,954,500 approved on Mar 10, 2021. The loan was originated by KeyBank National Association.
REDS ELECTRICAL SERVICE INC is a subchapter s corporation located in ROSEBURG, Oregon. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Building Equipment Contractors industry (NAICS 238210), part of the Construction sector of the economy. The applicant reported 137 jobs as retained through this loan.
The SBA forgave $1,979,346.25 of this loan — 101.3% of the total approved amount, with forgiveness recorded on Jul 8, 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: $1,954,498 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 Oregon, visit the Oregon page. To compare this loan with others in the same industry, see the Building Equipment Contractors industry page.