Current Report Filing (8-k)
May 21 2020 - 03:17PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange
Act of 1934
Date of Report (Date of earliest event reported): May
18, 2020
SILVERSUN TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its charter)
Delaware
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001-38063
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16-1633636
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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120 Eagle Rock Ave
East Hanover, NJ 07936
(Address of principal executive offices, including zip
code)
(973) 396-1720
(Registrant’s telephone number, including area code)
Check the appropriate box below if the 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant
under any of the following provisions:
☐
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Written communication pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c)).
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common shares (par value $0.00001 per share)
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SSNT
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NASDAQ
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Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17
CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934
(17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
As previously disclosed in a Current Report on Form 8-K filed April
23, 2020, SWK Technologies, Inc. (“SWK”), a wholly-owned subsidiary
of SilverSun Technologies, Inc. (the “Company”), entered into a
promissory note (the “Note”) with JPMorgan Chase Bank, N.A. (the
“Lender”), which provided for a loan in the amount of $3,150,832
(the “PPP Loan”) pursuant to the Paycheck Protection Program under
the Coronavirus Aid, Relief, and Economic Security Act (the “CARES
Act”). At the time SWK applied for the PPP Loan, we believed that
it qualified to receive funds pursuant to the then published PPP
qualification and certification requirements.
On April 23, 2020, the SBA, in consultation with the Department of
Treasury, issued new guidance that creates uncertainty regarding
the qualification requirements for a PPP Loan (the “New Guidance”).
Out of an abundance of caution and in light of the New Guidance,
SWK determined to pay off the entire amount of the PPP Loan.
Accordingly, the PPP Loan was paid in full to the Lender on May 18,
2020, resulting in the full satisfaction of the Note.
Under the terms of the PPP Loan, SWK had the right to repay the
Note without penalty.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
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SILVERSUN TECHNOLOGIES, INC.
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Date: May 21, 2020
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By:
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/s/ Mark Meller
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Mark Meller
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President and Chief Executive Officer
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