2020-12-04 09:06:26 IMAC IMAC
12/04/20 12/0409:06 12/04/2009:06 | IMAC receives forgiveness of $1.69M PPP LoanIMAC Holdings announces the United States Small Business Administration has confirmed a complete waiver of a $1.69M Payroll Protection Plan promissory note issued by IMAC earlier this year. In the spring of 2020, as a result of the COVID-19 pandemic 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 September 30, 2020, 98% of IMAC's full and part-time workforce returned to work for IMAC. As stipulated by the Coronavirus Aid, Relief, and Economic Security Act, the Company complied with using the PPP funds for payroll costs, costs used to continue group health care benefits, mortgage payments, rent utilities, and interest on other debt obligations. As a result, IMAC submitted a loan forgiveness application, which the SBA approved. |
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