# PPP loan: SCHMIDT FORD OF SALEM, INC
> **$490K** approved 04/09/2020 · Paid in Full · Loan `9861327010`
## Borrower
- **Name:** SCHMIDT FORD OF SALEM, INC
- **Address:** 1815 W MAIN 0.0, Salem, IL, 62881-5839
- **NAICS:** 441110
- **Business type:** Subchapter S Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $490K
- **Initial approval:** $490K
- **Forgiven:** $496K (101%)
- **Forgiveness date:** 08/04/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $342K
- **Rent:** $70K
- **Utilities:** $18K
- **Health care:** $45K
- **Debt interest:** $15K
- **Jobs reported:** 36
## Lender
- **Originating:** JPMorgan Chase Bank, National Association
- **Servicing:** JPMorgan Chase Bank, National Association (OH)
---
*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*