# PPP loan: MODERN ABRASIVE CORP
> **$697K** approved 02/08/2021 · Paid in Full · Loan `5197088401`
## Borrower
- **Name:** MODERN ABRASIVE CORP
- **Address:** 2855 N US Highway 12, Spring Grove, IL, 60081-7808
- **NAICS:** 327910
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $697K
- **Initial approval:** $697K
- **Forgiven:** $701K (101%)
- **Forgiveness date:** 08/13/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $697K
- **Utilities:** $1
- **Jobs reported:** 64
## Lender
- **Originating:** First Secure State Bank
- **Servicing:** First Secure State Bank (IL)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*