SB USVI ACQUISITION, INC.
PPP Loan approved Jun 26, 2020 through Mid Penn Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $3,944,100.00 | 100.0% |
About This Loan
SB USVI ACQUISITION, INC. received a PPP loan of $3,944,100 approved on Jun 26, 2020. The loan was originated by Mid Penn Bank.
SB USVI ACQUISITION, INC. is a limited liability company(llc) located in CAROLINA, 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 Support Activities for Air Transportation industry (NAICS 488190), part of the Transportation and Warehousing sector of the economy. The applicant reported 203 jobs as retained through this loan.
The SBA forgave $3,981,788.07 of this loan — 101.0% 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: $3,944,100 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 Support Activities for Air Transportation industry page.