S. B. PHILLIPS CO., INC.
PPP Loan approved Jun 29, 2020 through First Horizon Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $6,177,580.19 | 90.2% |
| Utilities | $141,201.84 | 2.1% |
| Rent / Lease | $458,905.97 | 6.7% |
| Mortgage Interest | $70,601.00 | 1.0% |
About This Loan
S. B. PHILLIPS CO., INC. received a PPP loan of $7,060,092 approved on Jun 29, 2020. The loan was originated by First Horizon Bank.
S. B. PHILLIPS CO., INC. is a subchapter s corporation located in GREENVILLE, South Carolina. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Employment Services industry (NAICS 561320), part of the Administrative and Support and Waste Management sector of the economy. The applicant reported 500 jobs as retained through this loan.
The SBA forgave $7,144,813.10 of this loan — 101.2% of the total approved amount, with forgiveness recorded on Sep 15, 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: $6,177,580 to payroll, $141,202 to utilities, $458,906 to rent or lease obligations, $70,601 to mortgage interest. The payroll component represents 90.2% 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.