# PPP loan: ACME ELECTRIC MOTOR, INC.
> **$5.50M** approved 04/27/2020 · Paid in Full · Loan `5980737205`
## Borrower
- **Name:** ACME ELECTRIC MOTOR, INC.
- **Address:** 1101 N Washington St, GRAND FORKS, ND, 58203-0734
- **NAICS:** 423710
- **Business type:** Subchapter S Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $5.50M
- **Initial approval:** $5.50M
- **Forgiven:** $5.60M (102%)
- **Forgiveness date:** 12/16/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $4.13M
- **Rent:** $688K
- **Utilities:** $688K
- **Jobs reported:** 473
## Lender
- **Originating:** Alerus Financial, National Association
- **Servicing:** Alerus Financial, National Association (ND)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*