# PPP loan: INDUCTION TECHNOLOGY CORPORATION
> **$290K** approved 05/01/2020 · Paid in Full · Loan `2353907706`
## Borrower
- **Name:** INDUCTION TECHNOLOGY CORPORATION
- **Address:** 687 Tanglewood Rd, West Islip, NY, 11795
- **NAICS:** —
- **Business type:** Corporation
- **Business age:** New Business or 2 years or less
## Loan
- **Approval amount:** $290K
- **Initial approval:** $290K
- **Forgiven:** $294K (101%)
- **Forgiveness date:** 09/21/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $270K
- **Rent:** $14K
- **Utilities:** $6K
- **Jobs reported:** 16
## Lender
- **Originating:** JPMorgan Chase Bank, National Association
- **Servicing:** JPMorgan Chase Bank, National Association (OH)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*