MOMENTUM MANFACTURING GROUP LLC
PPP Loan approved Apr 5, 2020 through Wintrust Bank, National Association
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $4,188,832.50 | 75.0% |
| Utilities | $698,138.75 | 12.5% |
| Mortgage Interest | $698,138.75 | 12.5% |
About This Loan
MOMENTUM MANFACTURING GROUP LLC received a PPP loan of $5,585,110 approved on Apr 5, 2020. The loan was originated by Wintrust Bank, National Association.
MOMENTUM MANFACTURING GROUP LLC is a limited liability company(llc) located in SAINT JOHNSBURY, Vermont. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Manufacturing industry (NAICS 332710), part of the Manufacturing sector of the economy. The applicant reported 500 jobs as retained through this loan.
The SBA forgave $5,654,613.59 of this loan — 101.2% of the total approved amount, with forgiveness recorded on Jul 7, 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: $4,188,833 to payroll, $698,139 to utilities, $698,139 to mortgage interest. The payroll component represents 75.0% 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 Vermont, visit the Vermont page. To compare this loan with others in the same industry, see the Manufacturing industry page.