GENE M FORBES ENTERPRISES INC
PPP Loan approved Apr 13, 2020 through Burke and Herbert Bank and Trust Company
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $1,450,000.00 | 80.0% |
| Utilities | $100,000.00 | 5.5% |
| Mortgage Interest | $262,100.00 | 14.5% |
About This Loan
GENE M FORBES ENTERPRISES INC received a PPP loan of $1,812,100 approved on Apr 13, 2020. The loan was originated by Burke and Herbert Bank and Trust Company.
GENE M FORBES ENTERPRISES INC is a corporation located in TAZEWELL, Virginia. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Accommodation and Food Services industry (NAICS 722513), part of the Accommodation and Food Services sector of the economy. The applicant reported 500 jobs as retained through this loan.
The SBA forgave $1,829,365.29 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: $1,450,000 to payroll, $100,000 to utilities, $262,100 to mortgage interest. The payroll component represents 80.0% 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 Accommodation and Food Services industry page.