SAINT LUKE'S MEMORIAL HOSPITAL
PPP Loan approved Jul 22, 2020 through FirstBank Puerto Rico
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $5,670,681.59 | 75.0% |
| Utilities | $1,701,204.49 | 22.5% |
| Rent / Lease | $189,022.72 | 2.5% |
About This Loan
SAINT LUKE'S MEMORIAL HOSPITAL received a PPP loan of $7,560,909 approved on Jul 22, 2020. The loan was originated by FirstBank Puerto Rico.
SAINT LUKE'S MEMORIAL HOSPITAL is a non-profit organization located in PONCE, Puerto Rico. At the time of the application, the business was described as "unanswered". This organization is classified as a non-profit.
The business operates in the General Medical and Surgical Hospitals industry (NAICS 622110), 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 $7,645,759.00 of this loan — 101.1% of the total approved amount, with forgiveness recorded on Sep 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: $5,670,682 to payroll, $1,701,204 to utilities, $189,023 to rent or lease obligations. The payroll component represents 75.0% 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 Puerto Rico, visit the Puerto Rico page. To compare this loan with others in the same industry, see the General Medical and Surgical Hospitals industry page.