# PPP loan: MCCORMICK MOTORS INC
> **$427K** approved 04/07/2020 · Paid in Full · Loan `7545227003`
## Borrower
- **Name:** MCCORMICK MOTORS INC
- **Address:** 1255 W Market St, NAPPANEE, IN, 46550-1725
- **NAICS:** 441110
- **Business type:** Subchapter S Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $427K
- **Initial approval:** $427K
- **Forgiven:** $432K (101%)
- **Forgiveness date:** 05/06/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $370K
- **Rent:** $14K
- **Utilities:** $11K
- **Health care:** $32K
- **Jobs reported:** 57
## Lender
- **Originating:** Lake City Bank
- **Servicing:** Lake City Bank (IN)
---
*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*