NETRANOM COMMUNICATIONS, INC.
PPP Loan approved Apr 6, 2020 through The Farmers Bank and Savings Company
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $362,750.00 | 93.8% |
| Utilities | $1,000.00 | 0.3% |
| Rent / Lease | $23,000.00 | 5.9% |
About This Loan
NETRANOM COMMUNICATIONS, INC. received a PPP loan of $386,750 approved on Apr 6, 2020. The loan was originated by The Farmers Bank and Savings Company.
NETRANOM COMMUNICATIONS, INC. is a corporation located in HURRICANE, West Virginia. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Other Telecommunications industry (NAICS 517919), part of the Information sector of the economy. The applicant reported 30 jobs as retained through this loan.
The SBA forgave $389,780.42 of this loan — 100.8% of the total approved amount, with forgiveness recorded on Jan 26, 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: $362,750 to payroll, $1,000 to utilities, $23,000 to rent or lease obligations. The payroll component represents 93.8% 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 Other Telecommunications industry page.