PPP Loan information for Magnetic products inc

$727,676

Magnetic products inc was initially approved for PPP Loan of amount $727,676, the current approved amount is $727,676. The loan was approved on 01/16/2021 by The Chelsea State Bank reported 45 jobs and $727,676 was used to fund payroll.

Magnetic products inc is Existing or more than 2 years old

PPP Loan Search / MI / Highland / Magnetic products inc

MAGNETIC PRODUCTS INC

Date Approved

01/16/2021

SBA Office Code

0515

Processing Method

PPS

Borrower Name

MAGNETIC PRODUCTS INC

Borrower Address

683 Town Center Dr

Borrower City

Highland

Borrower State

MI

Borrower Zip

48356-2965

Loan Status Date

08/05/2021

Loan Status

Paid in Full

Term

60

SBA Guaranty Percentage

100

Initial Approval Amount

727675.55

Current Approval Amount

727675.55

Undisbursed Amount

0.00

Franchise Name

Servicing Lender Location Id

33691

Servicing Lender Name

Chelsea State Bank

Servicing Lender Address

1010 S Main St

Servicing Lender City

CHELSEA

Servicing Lender State

MI

Servicing Lender Zip

48118-1435

Rural Urban Indicator

U

Hubzone Indicator

N

HLMI Indicator

N

Business Age Description

Existing or more than 2 years old

Project City

Highland

Project County Name

OAKLAND

Project State

MI

Project Zip

48356-2965

CD

MI-09

Jobs Reported

45

NAICS Code

335999

Race

White

Ethnicity

Not Hispanic or Latino

Utilities Proceed

0.00

Payroll Proceed

727674.55

Mortgage Interest Proceed

0.00

Rent Proceed

0.00

Refinance EIDL Proceed

0.00

Health Care Proceed

0.00

Debt Interest Proceed

0

Business Type

Corporation

Originating Lender Location Id

33691

Originating Lender

Chelsea State Bank

Originating Lender City

CHELSEA

Originating Lender State

MI

Gender

Male Owned

Veteran

Non-Veteran

Non Profit

Forgiveness Amount

731104.60

Forgiveness Date

07/19/2021

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