# PPP loan: ELECTRONIC DRIVES AND CONTROLS INC
> **$721K** approved 04/30/2020 · Paid in Full · Loan `6961997310`
## Borrower
- **Name:** ELECTRONIC DRIVES AND CONTROLS INC
- **Address:** 17 EASTMANS RD, PARSIPPANY, NJ, 07054-3702
- **NAICS:** 811219
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $721K
- **Initial approval:** $632K
- **Forgiven:** $725K (101%)
- **Forgiveness date:** 12/23/2020
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $721K
- **Jobs reported:** 38
## Lender
- **Originating:** Bank of America, National Association
- **Servicing:** Bank of America, National Association (NC)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*