# PPP loan: PROSPECT ELECTRIC COMPANY
> **$437K** approved 04/07/2020 · Paid in Full · Loan `6934817002`
## Borrower
- **Name:** PROSPECT ELECTRIC COMPANY
- **Address:** 516 Morse Ave, SCHAUMBURG, IL, 60193-4530
- **NAICS:** 238210
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $437K
- **Initial approval:** $437K
- **Forgiven:** $442K (101%)
- **Forgiveness date:** 05/21/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $328K
- **Rent:** $55K
- **Utilities:** $55K
- **Jobs reported:** 13
## Lender
- **Originating:** Village Bank and Trust, National Association
- **Servicing:** Village Bank and Trust, National Association (IL)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*