CRH Medical Announces Receipt of Loan Proceeds Under Paycheck Protection Program
CRH MEDICAL CORP (CRHM)
NASDAQ:AMEX Investor Relations:
investors.crhsystem.com
Company Research
Source: PR Newswire
VANCOUVER, April 17, 2020 /PRNewswire/ - CRH Medical Corporation ("CRH" or the "Company") (TSX: CRH) (NYSE MKT: CRHM) announces today that it has received loan proceeds of $2,945,620 ("PPP Loan") under the Paycheck Protection Program ("PPP"). The PPP was established as part of the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") in order to enable small businesses to pay employees during the coronavirus crisis, and provides loans to qualifying businesses for up to 2.5 times their average monthly payroll costs. The amount borrowed under the PPP is eligible to be forgiven provided that the borrower uses the loan proceeds during the eight week period after receiving them, and provided that the proceeds are used to cover payroll costs (including benefits), rent, mortgage interest, and utility costs. The amount of loan forgiveness will be reduced if, among other reasons, the borrower does not maintain staffing or payroll levels.Principal and interest payments on any unforgiv
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