# PPP loan: POWER MAGNETICS INC
> **$277K** approved 01/21/2021 · Paid in Full · Loan `2951998304`
## Borrower
- **Name:** POWER MAGNETICS INC
- **Address:** 377 Reservoir St, Trenton, NJ, 08618-3641
- **NAICS:** 333611
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $277K
- **Initial approval:** $277K
- **Forgiven:** $280K (101%)
- **Forgiveness date:** 05/19/2022
- **Status:** Paid in Full
- **Term:** 60 months
## Use of funds
- **Payroll:** $276K
- **Utilities:** $1
- **Jobs reported:** 20
## Lender
- **Originating:** Magyar Bank
- **Servicing:** Magyar Bank (NJ)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*