# PPP loan: NORRIS ELECTRIC COOPERATIVE
> **$1.38M** approved 05/18/2020 · Paid in Full · Loan `8301047409`
## Borrower
- **Name:** NORRIS ELECTRIC COOPERATIVE
- **Address:** 8543 N. STATE HIGHWAY 130, NEWTON, IL, 62448-4060
- **NAICS:** 221122
- **Business type:** Cooperative
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $1.38M
- **Initial approval:** $1.38M
- **Forgiven:** $1.39M (101%)
- **Forgiveness date:** 08/26/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $1.38M
- **Jobs reported:** 58
## Lender
- **Originating:** The Peoples State Bank of Newton, Illinois
- **Servicing:** The Peoples State Bank of Newton, Illinois (IL)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*