ADVANCED MAGNET SOURCE CORPORATION (MI) - 2020 PPP Loan Borrower Profile (# 2058127705)

Updated on April 18, 2025.

See below the business details and the detail of the 2020 PPP loan given to ADVANCED MAGNET SOURCE CORPORATION. The Paycheck Protection Program (PPP) loan was intended to provide incentives for small businesses to keep their workers on payroll.

You can see similar information for other borrowers in Michigan.

Loan Detail

Loan Number

2058127705

SBA Office Code

0515

Processing Method

PPP

Curent Loan Amount

$120,225

Date Loan was Approved

May 1, 2020

Amount Forgiven

$121,043.2

Date Loan was Forgiven

Jan 7, 2021

Loan Status

Paid in Full

Loan Term

24 Months

Utilities Proced

4,745

Payroll Proced

96,180

Mortgage Interest Proceed

7,000

Rent Proceed

5,100

Health Care Proceed

7,200

Lender

JPMorgan Chase Bank, National Association

Business Detail

Business Type

Subchapter S Corporation

NAICS

332999

Borrower Location

CANTON, MI

Project Location

CANTON, MI

Rural/Urban

Urban

Hubzone

Yes

Labor Market Information (LMI)

Yes

Jobs Reported

Business Age Description

Existing or more than 2 years old

Data Source: SBA.