# PPP loan: POWMET INC
> **$173K** approved 04/05/2020 · Paid in Full · Loan `5574377002`
## Borrower
- **Name:** POWMET INC
- **Address:** 2625 SEWELL STREET, ROCKFORD, IL, 61109-1258
- **NAICS:** 423510
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $173K
- **Initial approval:** $173K
- **Forgiven:** $174K (101%)
- **Forgiveness date:** 11/23/2020
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $147K
- **Rent:** $4K
- **Utilities:** $4K
- **Health care:** $17K
- **Jobs reported:** 8
## Lender
- **Originating:** Midland States Bank
- **Servicing:** Midland States Bank (IL)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*