RAINELLE MEDICAL CENTER, INC.
PPP Loan approved Apr 28, 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 | $1,346,848.00 | 80.0% |
| Utilities | $36,652.00 | 2.2% |
| Mortgage Interest | $300,000.00 | 17.8% |
About This Loan
RAINELLE MEDICAL CENTER, INC. received a PPP loan of $1,683,500 approved on Apr 28, 2020. The loan was originated by Burke and Herbert Bank and Trust Company.
RAINELLE MEDICAL CENTER, INC. is a non-profit organization located in RAINELLE, West Virginia. At the time of the application, the business was described as "existing or more than 2 years old". This organization is classified as a non-profit.
The business operates in the Offices of Physicians industry (NAICS 621111), part of the Health Care and Social Assistance sector of the economy. The applicant reported 178 jobs as retained through this loan.
The SBA forgave $1,693,367.18 of this loan — 100.6% of the total approved amount, with forgiveness recorded on Dec 3, 2020. 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: $1,346,848 to payroll, $36,652 to utilities, $300,000 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 West Virginia, visit the West Virginia page. To compare this loan with others in the same industry, see the Offices of Physicians industry page.