Sonic Foundry Secures $2.3 Million Loan Under Paycheck Protection Program Provision of CARES Act
Sonic Foundry, Inc. (SOFO)
US:NASDAQ Investor Relations:
sonicfoundry.com/about/investors
Company Research
Source: GlobeNewswire
MADISON, Wis., April 22, 2020 (GLOBE NEWSWIRE) -- Sonic Foundry, Inc. (OTC Pink Sheets: SOFO) announced today it has secured a $2.3 million loan from First Business Bank under the Paycheck Protection Program contained within the Coronavirus Aid, Relief and Economic Security (CARES) Act that was signed into law on March 27, 2020. “We’ve learned quickly that in the face of the COVID-19 pandemic, our products and solutions have never been more critical. Our teams have been working around the clock to ensure our global customer base can pivot to meet the increased demand of using video to conduct essential business, to keep virtual conferences on the schedule and to maintain classes for all students,” said Michael Norregaard, CEO of Sonic Foundry. “As our employees work from their home bases, they can do so with the comfort and confidence that Sonic Foundry has the foundation in place to continue operations in spite of the uncertainty facing so many right now.” The PPP allows
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