# PPP loan: ERCOLE ELECTRIC INC
> **$162K** approved 04/15/2020 · Paid in Full · Loan `8007367105`
## Borrower
- **Name:** ERCOLE ELECTRIC INC
- **Address:** 555 West Patrick Street, FREDERICK, MD, 21701
- **NAICS:** 238210
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $162K
- **Initial approval:** $162K
- **Forgiven:** $164K (101%)
- **Forgiveness date:** 06/16/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $121K
- **Utilities:** $40K
- **Jobs reported:** 16
## Lender
- **Originating:** Sandy Spring Bank
- **Servicing:** Sandy Spring Bank (MD)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*