# PPP loan: MIDWEST MAGNETIC COMPONENTS, INC.
> **$615K** approved 04/10/2020 · Paid in Full · Loan `2070307104`
## Borrower
- **Name:** MIDWEST MAGNETIC COMPONENTS, INC.
- **Address:** 109 Iowa St, ALCESTER, SD, 57001-7700
- **NAICS:** 334416
- **Business type:** Subchapter S Corporation
- **Business age:** New Business or 2 years or less
## Loan
- **Approval amount:** $615K
- **Initial approval:** $615K
- **Forgiven:** $619K (101%)
- **Forgiveness date:** 11/03/2020
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $615K
- **Jobs reported:** 74
## Lender
- **Originating:** Premier Bank
- **Servicing:** Premier Bank (IA)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*