# PPP loan: NOVAK ELECTRIC, INC.
> **$220K** approved 04/09/2020 · Paid in Full · Loan `9244677004`
## Borrower
- **Name:** NOVAK ELECTRIC, INC.
- **Address:** 440 Highland Ave, FAIRFAX, IA, 52228-9617
- **NAICS:** 238210
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $220K
- **Initial approval:** $220K
- **Forgiven:** $222K (101%)
- **Forgiveness date:** 01/20/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $196K
- **Rent:** $4K
- **Mortgage interest:** $2K
- **Utilities:** $853.68
- **Health care:** $18K
- **Jobs reported:** 23
## Lender
- **Originating:** Corda Credit Union
- **Servicing:** Corda Credit Union (IA)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*