GRUPO COOPERATIVO SEGUROS MULTIPLES
PPP Loan approved Apr 27, 2020 through Banco Popular de Puerto Rico
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $4,631,400.00 | 100.0% |
About This Loan
GRUPO COOPERATIVO SEGUROS MULTIPLES received a PPP loan of $4,631,400 approved on Apr 27, 2020. The loan was originated by Banco Popular de Puerto Rico.
GRUPO COOPERATIVO SEGUROS MULTIPLES is a cooperative located in SAN JUAN, 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 Management of Companies and Enterprises industry (NAICS 551112), part of the Management of Companies and Enterprises sector of the economy. The applicant reported 473 jobs as retained through this loan.
The SBA forgave $4,684,661.10 of this loan — 101.1% of the total approved amount, with forgiveness recorded on Jun 24, 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: $4,631,400 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 Puerto Rico, visit the Puerto Rico page. To compare this loan with others in the same industry, see the Management of Companies and Enterprises industry page.