ITECH US INC
PPP Loan approved Apr 8, 2020 through First United Bank and Trust Company
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $5,097,244.00 | 94.0% |
| Utilities | $54,226.00 | 1.0% |
| Rent / Lease | $271,130.00 | 5.0% |
About This Loan
ITECH US INC received a PPP loan of $5,422,600 approved on Apr 8, 2020. The loan was originated by First United Bank and Trust Company.
ITECH US INC is a subchapter s corporation located in SOUTH BURLINGTON, Vermont. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Computer Systems Design and Related Services industry (NAICS 541512), part of the Professional, Scientific, and Technical Services sector of the economy. The applicant reported 260 jobs as retained through this loan.
The SBA forgave $5,484,402.78 of this loan — 101.1% of the total approved amount, with forgiveness recorded on Jun 11, 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: $5,097,244 to payroll, $54,226 to utilities, $271,130 to rent or lease obligations. The payroll component represents 94.0% 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 Computer Systems Design and Related Services industry page.