# PPP loan: MAGNA GROUP, INC.
> **$160K** approved 04/14/2020 · Exemption 4 · Loan `7296917105`
## Borrower
- **Name:** MAGNA GROUP, INC.
- **Address:** 10200 NW 25TH ST Suite 105, DORAL, FL, 33172-5921
- **NAICS:** 424130
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $160K
- **Initial approval:** $160K
- **Forgiven:** $130K (82%)
- **Forgiveness date:** 11/27/2020
- **Status:** Exemption 4
- **Term:** 59 months
## Use of funds
- **Payroll:** $120K
- **Utilities:** $40K
- **Jobs reported:** 10
## Lender
- **Originating:** Banesco USA
- **Servicing:** Banesco USA (FL)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*