# PPP loan: POWER MAGNETICS, INC
> **$277K** approved 04/04/2020 · Paid in Full · Loan `4693887000`
## 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:** $280K
- **Forgiven:** $279K (101%)
- **Forgiveness date:** 02/10/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $93K
- **Rent:** $93K
- **Utilities:** $90K
- **Jobs reported:** 25
## 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*