CCOM Group, Inc. Announces PPP Loan Forgiveness

Rhea-AI Summary

CCOM Group, Inc. (OTC Pink: CCOM) has announced the full forgiveness of its Paycheck Protection Program (PPP) loans totaling $2,285,256. The loans were received in April 2020 through its subsidiaries, Universal Supply Group, Inc., The RAL Supply Group, Inc., and S&A Supply, Inc. The forgiveness notification was provided by KeyBank National Association and will be recognized as a gain on debt extinguishment.

CCOM distributes HVAC equipment and other supplies across several northeastern states and operates out of 15 locations.

Positive

• Forgiveness of PPP loans totaling $2,285,256 will be recognized as a gain on debt extinguishment.

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• None.

CCOM Group, Inc. (“CCOM”) (OTC Pink: “CCOM,” “CCOMP”), announces its PPP loans have been forgiven.

In April 2020, the Company, through its subsidiaries, Universal Supply Group, Inc., The RAL Supply Group, Inc. and S&A Supply, Inc, received funding from the Small Business Administration’s (“SBA”) Paycheck Protection Program (the “PPP Loan”) in the amounts of $1,415,256, $650,000 and $220,000, respectively, or $2,285,256 in total. The Company has been notified by KeyBank National Association that it has received 100% loan forgiveness from the SBA. The forgiveness will be recognized as a gain on debt extinguishment.

About CCOM Group, Inc.

CCOM Group, Inc. (“CCOM”) distributes heating, ventilating and air conditioning equipment (HVAC), parts and accessories, whole-house generators, climate control systems, and plumbing and electrical fixtures and supplies, primarily in New Jersey, New York, Massachusetts and portions of eastern Pennsylvania, Connecticut and Vermont through its subsidiaries: Universal Supply Group, Inc., www.usginc.com, The RAL Supply Group, Inc., www.ralsupply.com, and S&A Supply, Inc., www.sasupplyinc.com. CCOM is headquartered in New Jersey, and, with its affiliates, operates out of 15 locations in its geographic trading area. For more information on CCOM’s operations, products and/or services, please visit www.ccom-group.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210819005495/en/

FAQ

What is the recent news regarding CCOM?

CCOM Group, Inc. has received full forgiveness of its PPP loans amounting to $2,285,256.

How much did CCOM borrow from the PPP?

CCOM borrowed a total of $2,285,256 through its subsidiaries from the PPP.

Who notified CCOM about the loan forgiveness?

KeyBank National Association notified CCOM about the forgiveness of the PPP loans.

How will CCOM account for the forgiven loans?

The forgiveness will be recognized by CCOM as a gain on debt extinguishment.

Where does CCOM operate?

CCOM operates primarily in New Jersey, New York, Massachusetts, and parts of Pennsylvania, Connecticut, and Vermont.