WO GRUBB STEEL ERECTION INC.
PPP Loan approved Apr 10, 2020 through Truist Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $9,750,158.26 | 100.0% |
About This Loan
WO GRUBB STEEL ERECTION INC. received a PPP loan of $9,750,158 approved on Apr 10, 2020. The loan was originated by Truist Bank.
WO GRUBB STEEL ERECTION INC. is a corporation located in NORTH CHESTERFIELD, Virginia. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Commercial and Industrial Machinery and Equipment Rental and Leasing industry (NAICS 532490), part of the Real Estate and Rental and Leasing sector of the economy. The applicant reported 361 jobs as retained through this loan.
The SBA forgave $9,866,889.32 of this loan — 101.2% of the total approved amount, with forgiveness recorded on Jun 29, 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: $9,750,158 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 Virginia, visit the Virginia page. To compare this loan with others in the same industry, see the Commercial and Industrial Machinery and Equipment Rental and Leasing industry page.