# PPP loan: NEW LOAN CO. WM. S. RICH & SON INC.
> **$405K** approved 04/14/2020 · Paid in Full · Loan `7407697104`
## Borrower
- **Name:** NEW LOAN CO. WM. S. RICH & SON INC.
- **Address:** 857 Broad St, Newark, NJ, 07081
- **NAICS:** 522291
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $405K
- **Initial approval:** $524K
- **Forgiven:** $411K (102%)
- **Forgiveness date:** 11/16/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $405K
- **Jobs reported:** 38
## Lender
- **Originating:** Hanover Community Bank
- **Servicing:** Hanover Community Bank (NY)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*