MENDEZ & CO., INC.
PPP Loan approved Apr 8, 2020 through Banesco USA
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $4,176,407.00 | 90.0% |
| Utilities | $280,000.00 | 6.0% |
| Health Care | $184,000.00 | 4.0% |
About This Loan
MENDEZ & CO., INC. received a PPP loan of $4,640,407 approved on Apr 8, 2020. The loan was originated by Banesco USA.
MENDEZ & CO., INC. is a corporation located in GUAYNABO, Puerto Rico. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Beer, Wine, and Distilled Alcoholic Beverage Merchant Wholesalers industry (NAICS 424820), part of the Wholesale Trade sector of the economy. The applicant reported 487 jobs as retained through this loan.
The SBA forgave $4,361,502.51 of this loan — 94.0% of the total approved amount, with forgiveness recorded on Jun 11, 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: $4,176,407 to payroll, $280,000 to utilities, $184,000 to health care costs. The payroll component represents 90.0% 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 Beer, Wine, and Distilled Alcoholic Beverage Merchant Wholesalers industry page.