P&F Industries, Inc. Closes On Paycheck Protection Program Loan Under The CARES Act
P & F Industries, Inc. - Class A (PFIN)
US:NASDAQ Investor Relations:
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Company Research
Source: PR Newswire
MELVILLE, N.Y., April 23, 2020 /PRNewswire/ -- P&F Industries, Inc. (NASDAQ:PFIN), today announced that on April 20, 2020 it closed on a $2,929,200 Payroll Protection Program (PPP) loan, as provided pursuant to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law on March 27, 2020. PPP loans, which are unsecured and guaranteed by the U.S. Small Business Administration (SBA), were designed to create economic stimulus by providing additional operating capital to small businesses, such as P&F, in the United States for permitted uses for an eight-week period following receipt of funds.The loan, which was obtained from BNB Bank under a promissory note dated April 17, 2020, provides for a fixed rate of one percent per year with a maturity date of two years from the April 20, 2020 receipt of the funds. No payments of principal or interest are due during the initial six-month period. Beginning in the seventh month, the Company is required to make monthly paymen
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