# PPP loan: UNIVERSAL ELECTRIC CO INC.
> **$1.40M** approved 04/04/2020 · Paid in Full · Loan `5018407008`
## Borrower
- **Name:** UNIVERSAL ELECTRIC CO INC.
- **Address:** 79 WAYSIDE AVE, WEST SPRINGFIELD, MA, 01089-1347
- **NAICS:** 238210
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $1.40M
- **Initial approval:** $1.40M
- **Forgiven:** $1.42M (102%)
- **Forgiveness date:** 12/08/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $1.40M
- **Jobs reported:** 74
## Lender
- **Originating:** New Valley Bank & Trust
- **Servicing:** New Valley Bank & Trust (MA)
---
*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*