Reading time ( words)
SigmaTron International, Inc., an electronic manufacturing services company, announced that it received full forgiveness of its Small Business Administration (SBA) Paycheck Protection Program (PPP) loan in the amount of approximately $6.3 million, which it had received pursuant to the Coronavirus Aid, Relief and Economic Security Act (the CARES Act) on April 23, 2020 and which was reported in a press release the same day. The Company was notified of the forgiveness on Friday, July 9, 2021 and it covers all principal and accrued interest. The accounting for the forgiveness will be reflected in the Company’s first quarter financial statements for fiscal year 2022.
Gary R. Fairhead, President, CEO and Chairman, said, “We believed that the PPP loan would be essential to support our U.S. employees and factories as they worked through the pandemic and the volatile economy it had created and, indeed, that was the case. We remain thankful for the government’s foresight in creating this Program.”