# PPP loan: MODEL ELECTRIC, INC.
> **$334K** approved 04/07/2020 · Paid in Full · Loan `7355157005`
## Borrower
- **Name:** MODEL ELECTRIC, INC.
- **Address:** 1506 N 1ST STREET, NORFOLK, NE, 68701-2906
- **NAICS:** 238210
- **Business type:** Subchapter S Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $334K
- **Initial approval:** $334K
- **Forgiven:** $336K (101%)
- **Forgiveness date:** 11/03/2020
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $280K
- **Rent:** $8K
- **Utilities:** $2K
- **Health care:** $44K
- **Jobs reported:** 29
## Lender
- **Originating:** Elkhorn Valley Bank & Trust
- **Servicing:** Elkhorn Valley Bank & Trust (NE)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*