# PPP loan: NORWOOD ELECTRIC INC.
> **$160K** approved 04/27/2020 · Paid in Full · Loan `4603017201`
## Borrower
- **Name:** NORWOOD ELECTRIC INC.
- **Address:** 36 WALNUT ST, PEABODY, MA, 01960
- **NAICS:** 238210
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $160K
- **Initial approval:** $160K
- **Forgiven:** $162K (102%)
- **Forgiveness date:** 11/03/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $160K
- **Jobs reported:** 16
## Lender
- **Originating:** Eastern Bank
- **Servicing:** Eastern Bank (MA)
---
*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*