# PPP loan: MONARCH TOWEL COMPANY, INC
> **$245K** approved 04/28/2020 · Paid in Full · Loan `8442037203`
## Borrower
- **Name:** MONARCH TOWEL COMPANY, INC
- **Address:** 301 Hollywood Avenue, South Plainfield, NJ, 07080
- **NAICS:** 423220
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $245K
- **Initial approval:** $245K
- **Forgiven:** $248K (101%)
- **Forgiveness date:** 07/09/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $245K
- **Jobs reported:** 40
## Lender
- **Originating:** Peapack-Gladstone Bank
- **Servicing:** Loan Source Incorporated (NY)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*