NEWARK, Calif., April 21, 2020 /PRNewswire/ -- Socket
Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data capture
and delivery solutions for enhanced productivity, announces today
that it has received loan proceeds of $1,058,700 ("PPP Loan") under the Paycheck
Protection Program ("PPP"). The PPP was established as part of the
Coronavirus Aid, Relief and Economic Security Act ("CARES Act") in
order to enable small businesses to pay employees during the
coronavirus crisis and provides loans to qualifying businesses for
up to 2.5 times their average monthly payroll costs. The amount
borrowed under the PPP is eligible to be forgiven provided that the
borrower uses the loan proceeds during the eight-week period after
receiving them, and provided that the proceeds are used to cover
payroll costs (including benefits), rent, mortgage interest, and
utility costs. The amount of loan forgiveness will be reduced if,
among other reasons, the borrower does not maintain staffing or
payroll levels.
Principal and interest payments on any unforgiven portion of the
PPP Loan will be deferred for six months and will accrue interest
at a fixed annual rate of 1%. Additionally, the remaining PPP Loan
balance will carry a two-year maturity date. There is no prepayment
penalty on the PPP Loan.
About Socket Mobile, Inc.
Socket Mobile is a leading
provider of data capture and delivery solutions for enhanced
productivity in workforce mobilization. Socket Mobile's revenue is
primarily driven by the deployment of third-party barcode enabled
mobile applications that integrate Socket Mobile's cordless barcode
scanners and contactless reader/writers. Mobile Applications
servicing the specialty retailer, field service, transportation,
and manufacturing markets are the primary revenue drivers. Socket
Mobile has a network of thousands of developers who use its
software developer tools to add sophisticated data capture to their
mobile applications. Socket Mobile is headquartered in Newark, Calif. and can be reached at
+1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile
on Facebook, Twitter @socketmobile and on our sockettalk
blog.
Socket Mobile Investor Contact:
Lynn Zhao
Chief Financial Officer
510-933-3016
lynn@socketmobile.com
Socket is a registered trademark of Socket Mobile. All
other trademarks and trade names contained herein may be those of
their respective owners.
© 2020, Socket Mobile, Inc. All rights reserved.
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SOURCE Socket Mobile, Inc.