WALLY CASTRO MARINE INC.
PPP Loan approved Apr 10, 2020 through Banco Popular de Puerto Rico
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $112,679.00 | 83.7% |
| Utilities | $1,313.00 | 1.0% |
| Rent / Lease | $20,708.00 | 15.4% |
About This Loan
WALLY CASTRO MARINE INC. received a PPP loan of $134,700 approved on Apr 10, 2020. The loan was originated by Banco Popular de Puerto Rico.
WALLY CASTRO MARINE INC. is a corporation located in FAJARDO, Puerto Rico. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Other Motor Vehicle Dealers industry (NAICS 441222), part of the Retail Trade sector of the economy. The applicant reported 21 jobs as retained through this loan.
The SBA forgave $135,811.28 of this loan — 100.8% of the total approved amount, with forgiveness recorded on Feb 9, 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: $112,679 to payroll, $1,313 to utilities, $20,708 to rent or lease obligations. The payroll component represents 83.7% 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 Puerto Rico, visit the Puerto Rico page. To compare this loan with others in the same industry, see the Other Motor Vehicle Dealers industry page.