BEST PETROLEUM CORPORATION
PPP Loan approved Apr 14, 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 | $535,125.00 | 75.0% |
| Rent / Lease | $178,375.00 | 25.0% |
About This Loan
BEST PETROLEUM CORPORATION received a PPP loan of $713,500 approved on Apr 14, 2020. The loan was originated by Banco Popular de Puerto Rico.
BEST PETROLEUM CORPORATION is a corporation located in TOA BAJA, 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 Petroleum and Petroleum Products Merchant Wholesalers industry (NAICS 424720), part of the Wholesale Trade sector of the economy. The applicant reported 123 jobs as retained through this loan.
The SBA forgave $720,278.25 of this loan — 101.0% of the total approved amount, with forgiveness recorded on Mar 31, 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: $535,125 to payroll, $178,375 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 Petroleum and Petroleum Products Merchant Wholesalers industry page.