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home / news releases / NSYS - Nortech Systems announces $6.1M in PPP loan forgiveness

NSYS - Nortech Systems announces $6.1M in PPP loan forgiveness

Nortech Systems Incorporated
Nortech Systems (NSYS) provided an update related to the status of its Paycheck Protection Program loan forgiveness application with the U.S. Small Business Administration. On Apr.21, 2020, the company executed a promissory note to Bank of America National Association in the total principal amount of $6.1M under the PPP. On Nov.29, Nortech received notification through BOA that the PPP loan and accrued interest has been fully forgiven by the SBA and the forgiveness payment date was Nov.3. The financial impact of PPP loan forgiveness will be reflected in Q4 results.

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Nortech Systems announces $6.1M in PPP loan forgiveness
Stock Information
Company Name: Nortech Systems Incorporated
Stock Symbol: NSYS
Market: NASDAQ
Website: nortechsys.com
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