Technical Communications Corporation Enters into Loan Agreement with the Small Business Administration under the Paycheck Protection Program
TECHNICAL COMMUNICATIONS (TCCO)
US:NASDAQ Investor Relations:
tccsecure.com/investors.aspx
Company Research
Source: GlobeNewswire
CONCORD, Mass., April 22, 2020 (GLOBE NEWSWIRE) -- Technical Communications Corporation (NasdaqCM: TCCO) today announced that on April 17, 2020, the Company entered into a loan agreement with the U.S. Small Business Administration under its Paycheck Protection Program as authorized under the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The loan is in the amount of $474,400 and a portion of the loan is expected to be forgiven under the provisions of the CARES Act. Any portion of the loan that is not eligible to be forgiven will be paid back over two years at an interest rate of 1% beginning six months from the date of the loan. Commenting on the good news, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, "During this difficult time for the country, we are delighted that we were able to collaborate with BankHometown to obtain this loan, which will assist the Company in retaining its employees. The retention of our employees is essential
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