# PPP loan: MOTOR CITY ELECTRIC CO.
> **$9.56M** approved 04/28/2020 · Paid in Full · Loan `9956077206`
## Borrower
- **Name:** MOTOR CITY ELECTRIC CO.
- **Address:** 9440 GRINNELL ST, DETROIT, MI, 48213-1151
- **NAICS:** 238210
- **Business type:** Subchapter S Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $9.56M
- **Initial approval:** $9.56M
- **Forgiven:** $9.73M (102%)
- **Forgiveness date:** 01/21/2022
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $7.65M
- **Mortgage interest:** $1.91M
- **Jobs reported:** 392
## Lender
- **Originating:** Comerica Bank
- **Servicing:** Comerica Bank (TX)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*