# PPP loan: MODERN ABRASIVE CORP.
> **$697K** approved 04/07/2020 · Exemption 4 · Loan `7214397003`
## Borrower
- **Name:** MODERN ABRASIVE CORP.
- **Address:** 2855 N US HIGHWAY 12, SPRING GROVE, IL, 60081-7808
- **NAICS:** 333999
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $697K
- **Initial approval:** $697K
- **Forgiven:** $637K (91%)
- **Forgiveness date:** 12/14/2020
- **Status:** Exemption 4
- **Term:** 60 months
## Use of funds
- **Payroll:** $697K
- **Jobs reported:** 92
## Lender
- **Originating:** First Secure State Bank
- **Servicing:** First Secure State Bank (IL)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*