TECHNICAL COMMUNICATIONS CORPORATION Receives Loan from bankHometown under the Paycheck Protection Program
TECHNICAL COMMUNICATIONS (TCCO)
US:NASDAQ Investor Relations:
tccsecure.com/investors.aspx
Company Research
Source: GlobeNewswire
CONCORD, Mass., Feb. 03, 2021 (GLOBE NEWSWIRE) -- Technical Communications Corporation (OTCQB: TCCO) today announced that on February 1, 2021, the Company received a loan from bankHometown under the U.S. Small Business Administration's Paycheck Protection Program as authorized under the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act”). The loan, evidenced by a promissory note, is in the principal amount of $474,400 and all or a portion of the loan is expected to be forgiven under the provisions of the Economic Aid Act. Any portion of the loan that is not eligible to be forgiven will be paid back over five years at an interest rate of 1% per year. Commenting on the good news, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, "We again collaborated with bankHometown to obtain this loan, which will provide assistance to the Company in retaining its employees. The retention of our employees is essential for us to respo
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