# PPP loan: NET POWER ELECTRIC CORP.
> **$1.08M** approved 04/27/2020 · Paid in Full · Loan `6304777205`
## Borrower
- **Name:** NET POWER ELECTRIC CORP.
- **Address:** 2361 NOSTRAND AVE Suite #301, BROOKLYN, NY, 11210-3902
- **NAICS:** 238210
- **Business type:** Corporation
- **Business age:** New Business or 2 years or less
## Loan
- **Approval amount:** $1.08M
- **Initial approval:** $1.08M
- **Forgiven:** $1.10M (101%)
- **Forgiveness date:** 08/10/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $1.05M
- **Health care:** $33K
- **Jobs reported:** 126
## Lender
- **Originating:** Valley National Bank
- **Servicing:** Valley National Bank (NJ)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*