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- Loan funds received by Pivotal Systems Corporation (PVS) under the Payroll Protection Program have been fully forgiven
- The loan was given by the United States Government Small Business Administration Payroll Protection Program in response to the COVID-19 pandemic
- Pivotal received US$913,000 (roughly A$1.16 million) in loan principal proceeds
- All principal and interest payable under the terms of the loan have now been forgiven
- Pivotal shares are down 2.04 per cent, trading at 96 cents
Pivotal Systems Corporation (PVS) has had loan funds received under the United States Government Small Business Administration Payroll Protection Program (PPP) fully forgiven.
Pivotal Systems is a provider of innovative gas flow control solutions to the semiconductor industry.
The funds were received by the company as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, in response to the COVID-19 pandemic.
Under the PPP, Pivotal received US$913,000 (roughly A$1.16 million) in loan principal proceeds. Now, however, all principal and interest payable under the terms of the loan have been forgiven.
“The forgiveness of this loan is welcomed by the company as it represents a US$913,000 reduction in the company’s liabilities and a like amount of other income, to be recorded in the first fiscal quarter of 2021,” said Chief Financial Officer, Dennis Mahoney.
“More importantly, it reflects the commitment to and success in maintaining its workforce and continuing successful operations despite extended lockdowns due to COVID-19, which was a requirement of loan forgiveness under the PPP program”.
Pivotal shares are down 2.04 per cent, trading at 96 cents at 3:00 pm AEDT.
