# PPP loan: VELCO TOOL & DIE INC
> **$1.32M** approved 05/03/2020 · Exemption 4 · Loan `4977317703`
## Borrower
- **Name:** VELCO TOOL & DIE INC
- **Address:** 20432 BARENTS SEA CIR, LAKE FOREST, CA, 92630-8807
- **NAICS:** 333514
- **Business type:** Corporation
- **Business age:** New Business or 2 years or less
## Loan
- **Approval amount:** $1.32M
- **Initial approval:** $1.32M
- **Forgiven:** $1.05M (80%)
- **Forgiveness date:** 10/15/2021
- **Status:** Exemption 4
- **Term:** 60 months
## Use of funds
- **Payroll:** $1.32M
- **Jobs reported:** 108
## Lender
- **Originating:** Bank of America, National Association
- **Servicing:** Bank of America, National Association (NC)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*