Join our daily newsletter At The Bell to receive exclusive market insights
- Product sampling and digital promotions platform, PINCHme.com (PIN) has received a $850,000 (US$547,695) loan from the U.S. Government
- The aim of the loan is to help businesses retain their employees during these challenging times
- Under the loan terms, funds will be forgiven as long as the money is spent on the employees’ payroll
- Any unforgiven balance is due to be repaid within two years of receiving the loan funds
- On market close today, PINCHme remains steady and is trading for 8.1 cents per share
Product sampling and digital promotions platform, PINCHme.com (PIN) has received US$547,695 (approx. A$850,000) loan from the U.S. Government.
The loan is from the Paycheck Protection Program (PPP) which aims to help businesses retain their employees during this challenging time.
Under the PPP rules, any loan will be forgiven, meaning the recipient may not need to repay this long, as long as the money is spent on employees’ payroll.
Additionally, the amount of loan forgiveness is subject to the organisation not significantly reducing its staff numbers or the payroll by more than 25 per cent during the eligibility period.
For any unforgiven balance, repayment is due in two years after the loan’s origination date. Interest will also be added at a rate of one per cent per annum.
On market close today, PINCHme remains steady and is trading for 8.1 cents per share.
