# PPP loan: MAGNETIKA, INC.
> **$1.15M** approved 04/15/2020 · Paid in Full · Loan `8672097107`
## Borrower
- **Name:** MAGNETIKA, INC.
- **Address:** 2041 W 139TH ST, GARDENA, CA, 90249-2409
- **NAICS:** 334416
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $1.15M
- **Initial approval:** $1.15M
- **Forgiven:** $1.16M (101%)
- **Forgiveness date:** 03/09/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $898K
- **Rent:** $41K
- **Health care:** $208K
- **Jobs reported:** 113
## Lender
- **Originating:** American Business Bank
- **Servicing:** American Business Bank (CA)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*