# PPP loan: MAGNOLIA ELECTRIC POWER ASSOCIATION
> **$1.61M** approved 04/06/2020 · Paid in Full · Loan `6039317009`
## Borrower
- **Name:** MAGNOLIA ELECTRIC POWER ASSOCIATION
- **Address:** 3027 HIGHWAY 98 WEST, SUMMIT, MS, 39666-0001
- **NAICS:** 221122
- **Business type:** Cooperative
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $1.61M
- **Initial approval:** $1.61M
- **Forgiven:** $1.62M (101%)
- **Forgiveness date:** 03/18/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $1.61M
- **Jobs reported:** 94
## Lender
- **Originating:** First Southern Bank
- **Servicing:** First Southern Bank (MS)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*