COPLEY HOSPITAL, INC.
PPP Loan approved Apr 27, 2020 through Union Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $5,037,900.00 | 100.0% |
About This Loan
COPLEY HOSPITAL, INC. received a PPP loan of $5,037,900 approved on Apr 27, 2020. The loan was originated by Union Bank.
COPLEY HOSPITAL, INC. is a non-profit organization located in MORRISVILLE, Vermont. At the time of the application, the business was described as "unanswered". This organization is classified as a non-profit.
The business operates in the General Medical and Surgical Hospitals industry (NAICS 622110), part of the Health Care and Social Assistance sector of the economy. The applicant reported 461 jobs as retained through this loan.
The SBA forgave $5,101,433.52 of this loan — 101.3% of the total approved amount, with forgiveness recorded on Aug 12, 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: $5,037,900 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 Vermont, visit the Vermont page. To compare this loan with others in the same industry, see the General Medical and Surgical Hospitals industry page.