# PPP loan: SCHUMACHER ELECTRIC CORPORATION
> **$1.96M** approved 04/27/2020 · Paid in Full · Loan `4610227203`
## Borrower
- **Name:** SCHUMACHER ELECTRIC CORPORATION
- **Address:** 801 E Business Center Dr, MOUNT PROSPECT, IL, 60056-2179
- **NAICS:** 335999
- **Business type:** Subchapter S Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $1.96M
- **Initial approval:** $1.96M
- **Forgiven:** $1.99M (101%)
- **Forgiveness date:** 07/02/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $1.96M
- **Jobs reported:** 126
## Lender
- **Originating:** Pilot Bank
- **Servicing:** Lake Michigan CU (MI)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*