Phunware Applies for Small Business Administration Loan Under CARES Act.
TELECOMWORLDWIRE-April 16, 2020-Phunware Applies for Small Business Administration Loan Under CARES Act
(C)1994-2020 M2 COMMUNICATIONS http://www.m2.com
Phunware, Inc. (NASDAQ: PHUN), a fully integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, has announced that it has applied for a loan under the United States Small Business Administration's (SBA) Paycheck Protection Program pursuant to the recently adopted Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), the company said.
Phunware has applied for a USD 2,850,336 PPP loan based on its calculation of the maximum amount it is permitted given the current guidance provided by the United States Department of Treasury. The two-year, SBA administered PPP loans have a 1.0% annual interest rate, with initial payments deferred for six months. PPP loan proceeds may only be applied for limited uses and 75% of the proceeds must...
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