# PPP loan: SPEC TOOL COMPANY, INC.
> **$1.01M** approved 04/07/2020 · Paid in Full · Loan `6649957010`
## Borrower
- **Name:** SPEC TOOL COMPANY, INC.
- **Address:** 389 E DIVISION ST PO BOX 127, SPARTA, MI, 49345-1345
- **NAICS:** 333515
- **Business type:** Subchapter S Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $1.01M
- **Initial approval:** $1.01M
- **Forgiven:** $969K (96%)
- **Forgiveness date:** 11/10/2020
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $893K
- **Rent:** $51K
- **Utilities:** $40K
- **Debt interest:** $29K
- **Jobs reported:** 74
## Lender
- **Originating:** Mercantile Bank
- **Servicing:** Mercantile Bank (MI)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*