Adamis Pharmaceuticals Announces Receipt of Loan Proceeds Under Paycheck Protection Program
Adamis Pharmaceuticals Corporation (ADMP)
Last adamis pharmaceuticals corporation earnings: 11/12 04:16 pm
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US:NASDAQ Investor Relations:
ir.adamispharmaceuticals.com/investor-overview
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Source: GlobeNewswire
SAN DIEGO, April 15, 2020 (GLOBE NEWSWIRE) -- Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) today announced that it has received loan proceeds of $3,191,700 (“PPP Loan”) under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses for amounts up to 2.5 times the average monthly payroll expenses of the qualifying business, calculated as provided under the PPP. The PPP provides a mechanism for forgiveness of up to the full amount borrowed after eight weeks as long as the borrower uses the loan proceeds during the eight-week period after the loan origination for eligible purposes, including payroll costs, certain benefits costs, rent and utilities costs or other permitted purposes, and maintains its payroll levels, subject to certain other requirements and limitations. The amount of loan forgiveness is subject to reduction, among other reasons, if the
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