IMAC - IMAC Holdings receives $1.69M PPP loan waiver

U.S. Small Business Administration confirmed a complete waiver of a $1.69M Payroll Protection Plan promissory note issued by IMAC Holdings ([[IMAC]]) earlier this year.In Spring 2020, IMAC was forced to temporarily close three clinics under governor's orders and furlough or terminate 27% of its workforce.With the assistance of the PPP loan, as of Sep. 30, 2020, 98% of IMAC's full and part-time workforce returned to work for IMAC."The PPP forgiveness will result in a $1.69M decrease of debt from the Sep. 30 balance sheet, with $1M of that balance classified as a current liability," CEO Jeffrey Ervin commented.

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IMAC Holdings receives $1.69M PPP loan waiver