# PPP loan: NEW WAY ELECTRIC, INC.
> **$550K** approved 04/04/2020 · Paid in Full · Loan `4947477007`
## Borrower
- **Name:** NEW WAY ELECTRIC, INC.
- **Address:** 4202 W 6th Ave, EUGENE, OR, 97402-5307
- **NAICS:** 238210
- **Business type:** Subchapter S Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $550K
- **Initial approval:** $550K
- **Forgiven:** $555K (101%)
- **Forgiveness date:** 01/25/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $487K
- **Rent:** $26K
- **Utilities:** $2K
- **Health care:** $36K
- **Jobs reported:** 35
## Lender
- **Originating:** Oregon Pacific Banking Company dba Oregon Pacific Bank
- **Servicing:** Oregon Pacific Banking Company dba Oregon Pacific Bank (OR)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*