# PPP loan: RESEARCH TOOL CORPORATION
> **$355K** approved 04/08/2020 · Paid in Full · Loan `7742127007`
## Borrower
- **Name:** RESEARCH TOOL CORPORATION
- **Address:** 1401 S Main St, OVID, MI, 48866-9720
- **NAICS:** 332710
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $355K
- **Initial approval:** $355K
- **Forgiven:** $358K (101%)
- **Forgiveness date:** 02/25/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $286K
- **Utilities:** $15K
- **Health care:** $46K
- **Debt interest:** $7K
- **Jobs reported:** 22
## Lender
- **Originating:** Mercantile Bank
- **Servicing:** Mercantile Bank (MI)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*