# PPP loan: NEW WAY ACADEMY
> **$964K** approved 05/12/2020 · Paid in Full · Loan `5225567405`
## Borrower
- **Name:** NEW WAY ACADEMY
- **Address:** 5048 E OAK ST, PHOENIX, AZ, 85008-2522
- **NAICS:** 611110
- **Business type:** Non-Profit Organization
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $964K
- **Initial approval:** $964K
- **Forgiven:** $973K (101%)
- **Forgiveness date:** 05/06/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $723K
- **Health care:** $241K
- **Jobs reported:** 87
## Lender
- **Originating:** TrustBank
- **Servicing:** TrustBank (IL)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*