AMERICAN GASOLINE CORP.
PPP Loan approved May 15, 2021 through FirstBank Puerto Rico
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $707,472.00 | 100.0% |
About This Loan
AMERICAN GASOLINE CORP. received a PPP loan of $707,472 approved on May 15, 2021. The loan was originated by FirstBank Puerto Rico.
AMERICAN GASOLINE CORP. 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 Gasoline Stations and Fuel Dealers industry (NAICS 447110), part of the Retail Trade sector of the economy. The applicant reported 235 jobs as retained through this loan.
The SBA forgave $711,186.23 of this loan — 100.5% of the total approved amount, with forgiveness recorded on Nov 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: $707,472 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 Gasoline Stations and Fuel Dealers industry page.