# PPP loan: MAGNETIC PRODUCTS INC
> **$728K** approved 01/16/2021 · Paid in Full · Loan `1164498303`
## Borrower
- **Name:** MAGNETIC PRODUCTS INC
- **Address:** 683 Town Center Dr, Highland, MI, 48356-2965
- **NAICS:** 335999
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $728K
- **Initial approval:** $728K
- **Forgiven:** $731K (100%)
- **Forgiveness date:** 07/19/2021
- **Status:** Paid in Full
- **Term:** 60 months
## Use of funds
- **Payroll:** $728K
- **Jobs reported:** 45
## Lender
- **Originating:** Chelsea State Bank
- **Servicing:** Chelsea State Bank (MI)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*