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Nortech Systems Announces $6.1 million PPP Loan Forgiveness
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Rhea-AI Summary
Nortech Systems Incorporated (NASDAQ: NSYS) updated investors regarding its Paycheck Protection Program (PPP) loan forgiveness application with the U.S. Small Business Administration (SBA). On April 21, 2020, the company executed a promissory note for a $6.1 million PPP loan through Bank of America. The SBA fully forgiven the loan and accrued interest as of November 29, 2021, with the forgiveness payment date set for November 3, 2021. The financial impact will be included in the company's results for Q4 2021, ending December 31, 2021.
Positive
PPP loan of $6.1 million has been fully forgiven, which positively impacts financial results for Q4 2021.
Negative
None.
MINNEAPOLIS--(BUSINESS WIRE)--
Nortech Systems Incorporated (Nasdaq: NSYS) (the “Company”)is filing this Current Report on Form 8-K to provide an update related to the status of its Paycheck Protection Program (the “PPP”) loan forgiveness application with the U.S. Small Business Administration (“SBA”).
As previously announced, on April 21, 2020, the Company executed a promissory note to Bank of America National Association (“BOA”), as lender, in the aggregate principal amount of $6.1 million (the “PPP Loan”) under the PPP. The PPP was established under the Coronavirus Aid, Relief, and Economic Security Act and is administered by the SBA. The Company submitted its PPP loan forgiveness application to the SBA through BOA.
On November 29, 2021, the Company received notification through BOA that the PPP loan and accrued interest has been fully forgiven by the SBA and the forgiveness payment date was November 3, 2021. The financial impact of PPP loan forgiveness will be reflected in the Company’s results for fourth quarter 2021 ending December 31, 2021.
Nortech, in partnership with our medical, industrial and defense customers, uses intelligence, innovation, speed and global expertise to provide manufacturing and engineering solutions. This enables our customers to be leaders in digital connectivity and data management to achieve their business goals. Nortech strives to be a premier workplace that fosters valued relationships internally and in our communities.
About Nortech Systems IncorporatedNortech Systems, Incorporated is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.
