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     126  0 Kommentare SigmaTron International, Inc. Receives $6.3 Million Loan Under SBA Payroll Protection Program

    ELK GROVE VILLAGE, Ill., April 23, 2020 (GLOBE NEWSWIRE) -- SigmaTron International, Inc. (NASDAQ: SGMA), an electronic manufacturing services company, today announced that it received a Small Business Administration (“SBA”) Payroll Protection Loan (“PPP”) in the amount of approximately $6.3 million, pursuant to the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) on April 23, 2020.  The PPP loan matures on April 23, 2022 and bears interest at the rate of 1.00% per annum.  Payments of principal and interest commence on November 23, 2020.  The loan may be prepaid at any time prior to maturity with no penalty.

    A portion or all of the PPP loan may be forgiven by the SBA upon application by SigmaTron. Eligible expenses to be forgiven include U.S. payroll costs, continuation of healthcare costs, mortgage interest, rent and utilities among others.  75% of eligible expenses must be used for payroll related costs and up to 25% may be used for other eligible expenses to qualify for forgiveness.  A portion of the PPP may not be forgiven if total headcount declines during the 8-week forgiveness period.  For all eligible expenses that are forgiven, the amount forgiven is applied to reduce the outstanding principal. 

    SigmaTron intends to use all of the proceeds from the PPP loan as eligible expenses and expects that most, if not all, of the proceeds, including the interest accrued on the principal, will be eligible for forgiveness. 

    Gary R. Fairhead, President, CEO and Chairman, said, “We believe that the PPP loan will be essential to support our U.S. employees and factories as they work through the current pandemic and the volatile economy it has created.  We appreciate the government’s foresight in creating this Program.”    

    Headquartered in Elk Grove Village, IL, SigmaTron International, Inc. is an electronic manufacturing services company that provides printed circuit board assemblies and completely assembled electronic products.  SigmaTron International, Inc. operates manufacturing facilities in Elk Grove Village, Illinois; Acuna, Chihuahua, and Tijuana Mexico; Union City, California; Suzhou, China, and Ho Chi Minh City, Vietnam.  SigmaTron International, Inc. maintains engineering and materials sourcing offices in Elgin, Illinois and Taipei, Taiwan. 

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    SigmaTron International, Inc. Receives $6.3 Million Loan Under SBA Payroll Protection Program ELK GROVE VILLAGE, Ill., April 23, 2020 (GLOBE NEWSWIRE) - SigmaTron International, Inc. (NASDAQ: SGMA), an electronic manufacturing services company, today announced that it received a Small Business Administration (“SBA”) Payroll Protection Loan …