# PPP loan: MAGNITECH, INC.
> **$162K** approved 04/07/2020 · Paid in Full · Loan `6775997001`
## Borrower
- **Name:** MAGNITECH, INC.
- **Address:** 1809 N. MILL ST, Suite A, NAPERVILLE, IL, 60563-1259
- **NAICS:** 541512
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $162K
- **Initial approval:** $162K
- **Forgiven:** $164K (101%)
- **Forgiveness date:** 04/12/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $125K
- **Rent:** $25K
- **Utilities:** $12K
- **Jobs reported:** 17
## Lender
- **Originating:** Wheaton Bank & Trust Company, National Association
- **Servicing:** Wheaton Bank & Trust Company, National Association (IL)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*