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Itaconix nets $0.2m under US Paycheck Protection Program
19th May 2020 10:58
(Sharecast News) - Itaconix has received $0.2m (£0.16m) in new funding from a loan under the US Small Business Administration's Paycheck Protection Program, it announced on Tuesday.
The AIM-traded firm said it received the maximum amount allowed under the programme based on its payroll, adding that it could qualify for partial forgiveness under the terms of the loan if certain payroll conditions are met.
It said that if those conditions are not met, or the board chooses not to seek forgiveness, the loan would be repayable in equal instalments over 18 months from December.
"As we continue to experience increasing demand for our detergent polymers, this funding will assist us with staffing levels to support growth in customer volumes," said chief executive officer John Shaw.
"I am pleased that Itaconix can help working families and contribute to the US Small Business Administration's efforts to maintain employment during the current pandemic."
At 1047 BST, shares in Itaconix were up 0.73% at 1.51p.
The AIM-traded firm said it received the maximum amount allowed under the programme based on its payroll, adding that it could qualify for partial forgiveness under the terms of the loan if certain payroll conditions are met.
It said that if those conditions are not met, or the board chooses not to seek forgiveness, the loan would be repayable in equal instalments over 18 months from December.
"As we continue to experience increasing demand for our detergent polymers, this funding will assist us with staffing levels to support growth in customer volumes," said chief executive officer John Shaw.
"I am pleased that Itaconix can help working families and contribute to the US Small Business Administration's efforts to maintain employment during the current pandemic."
At 1047 BST, shares in Itaconix were up 0.73% at 1.51p.