Sharps Compliance Receives Paycheck Protection Program Loan
Sharps Compliance Corp. (SMED)
Last sharps compliance corp. earnings: 4/28 06:55 am
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US:NASDAQ Investor Relations:
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Source: GlobeNewswire
HOUSTON, April 21, 2020 (GLOBE NEWSWIRE) -- Sharps Compliance, Inc., a subsidiary of Sharps Compliance Corp. (NASDAQ: SMED) (“Sharps” or the “Company”), today announced that it has received loan proceeds of $2.2 million under the Paycheck Protection Program (“PPP”) under a promissory note from its commercial bank (the “PPP” Loan). 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. The loans and accrued interest are forgivable after eight weeks providing that the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The term of the Company’s PPP Loan is two years. The annual interest rate on the PPP Loan is 1% and no payments of principal or interest are due during the six-month period beginning on the date of the P
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