Psychemedics Corporation Receives Full Forgiveness of $2,181,157 PPP Loan
Psychemedics Corporation, a leading developer and marketer of forensic hair testing systems, has received full forgiveness of its $2,181,157 Paycheck Protection Program (PPP) loan, as communicated by the Small Business Administration (SBA) and Bank of America N.A. on July 15, 2021. The PPP loan, which was applied for on May 1, 2020, was used to cover expenses permitted by the PPP, including payroll costs. The forgiveness of the loan will be recognized during the company's third fiscal quarter ending September 30, 2021.
Key Takeaways:
- The PPP loan of $2,181,157 was used to cover payroll costs and other expenses permitted by the PPP.
- The loan was fully forgiven by the SBA and Bank of America N.A. on July 15, 2021, with a forgiveness payment date of July 1, 2021.
- The forgiveness of the PPP loan will be recognized during Psychemedics Corporation's third fiscal quarter ending September 30, 2021.
- The company applied for the PPP loan under the Coronavirus Aid, Relief, and Economic Security Act.
- Psychemedics Corporation had previously reported entering into a term loan with Bank of America N.A. under the PPP on May 1, 2020.
Statistics:
- The principal amount of the loan was $2,181,157.
- The loan bore interest on the unpaid balance of one percent (1%) per annum.
- The loan had a maturity date of May 4, 2022.
- The company submitted its PPP loan forgiveness application on November 6, 2020.
Sources:
- COMTEX
- Securities and Exchange Commission filings:
+ Current Report on Form 8-K filed on May 7, 2020
+ Current Report on Form 8-K filed on May 13, 2020
+ Annual Report on Form 10-K filed on March 26, 2021 (amended on April 9, 2021)
+ Quarterly Report on Form 10-Q filed on May 13, 2021
- Company website and press releases.