CHIPTON-ROSS STAFFING, INC.
PPP Loan approved May 1, 2020 through Bank of America, National Association
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $7,486,512.00 | 100.0% |
About This Loan
CHIPTON-ROSS STAFFING, INC. received a PPP loan of $7,486,512 approved on May 1, 2020. The loan was originated by Bank of America, National Association.
CHIPTON-ROSS STAFFING, INC. is a corporation located in NORTH CHARLESTON, South Carolina. At the time of the application, the business was described as "new business or 2 years or less".
The business operates in the Employment Services industry (NAICS 561311), part of the Administrative and Support and Waste Management sector of the economy. The applicant reported 476 jobs as retained through this loan.
The SBA forgave $7,589,272.07 of this loan — 101.4% of the total approved amount, with forgiveness recorded on Sep 20, 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: $7,486,512 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 South Carolina, visit the South Carolina page. To compare this loan with others in the same industry, see the Employment Services industry page.