# PPP loan: PREFERRED ELECTRIC INC.
> **$1.06M** approved 01/21/2021 · Paid in Full · Loan `3304848303`
## Borrower
- **Name:** PREFERRED ELECTRIC INC.
- **Address:** 4712 E Old Spanish Trl, Jeanerette, LA, 70544-6016
- **NAICS:** 221122
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $1.06M
- **Initial approval:** $1.06M
- **Forgiven:** $1.07M (101%)
- **Forgiveness date:** 12/28/2021
- **Status:** Paid in Full
- **Term:** 60 months
## Use of funds
- **Payroll:** $1.06M
- **Jobs reported:** 80
## Lender
- **Originating:** Cadence Bank
- **Servicing:** Loan Source Incorporated (NY)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*