# PPP loan: MOTOR PARTS & EQUIPMENT CORPORATION
> **$3.60M** approved 04/07/2020 · Paid in Full · Loan `7440407002`
## Borrower
- **Name:** MOTOR PARTS & EQUIPMENT CORPORATION
- **Address:** 1670 Northrock Court, ROCKFORD, IL, 61103-1203
- **NAICS:** 441310
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $3.60M
- **Initial approval:** $3.60M
- **Forgiven:** $3.64M (101%)
- **Forgiveness date:** 06/11/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $2.70M
- **Rent:** $540K
- **Utilities:** $360K
- **Jobs reported:** 500
## Lender
- **Originating:** Wheaton Bank & Trust Company, National Association
- **Servicing:** Wheaton Bank & Trust Company, National Association (IL)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*