IMAC Holdings Receives Forgiveness of $1.69 Million PPP Loan
December 04 2020 - 9:00AM
IMAC Holdings, Inc. (Nasdaq: IMAC) (“IMAC” or the “Company”), a
provider of innovative medical advancements and care specializing
in regenerative rehabilitation orthopedic treatments without the
use of surgery or opioids, today announces the United States Small
Business Administration (the “SBA”) has confirmed a complete waiver
of a $1.69 million Payroll Protection Plan (“PPP”) 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 (“CARES”) 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.
“IMAC judiciously applied the capital
granted by the CARES Act according to its terms and conditions and
our operations have continued with our experienced team of medical
professionals in place,” said Jeffrey Ervin, Chief Executive
Officer of IMAC. “The PPP forgiveness will result in a $1.69
million decrease of debt from the September 30 balance sheet, with
$1 million of that balance classified as a current liability.”
About IMAC Holdings, Inc.
IMAC Holdings was created in March 2015 to
expand on the footprint of the original IMAC Regeneration Center,
which opened in Kentucky in August 2000. IMAC Regeneration Centers
combine life science advancements with traditional medical care for
movement restricting diseases and conditions. IMAC owns or manages
15 outpatient clinics that provide regenerative, orthopedic and
minimally invasive procedures and therapies. It has partnered with
several active and former professional athletes, opening six Ozzie
Smith IMAC Regeneration Centers, two David Price IMAC Regeneration
Centers, as well as Mike Ditka IMAC Regeneration Centers and a Tony
Delk IMAC Regeneration Center. IMAC’s outpatient medical clinics
emphasize its focus around treating sports and orthopedic injuries
and movement-restricting diseases without surgery or opioids. More
information about IMAC Holdings, Inc. is available at
www.imacregeneration.com.
Safe Harbor Statement
This press release contains forward-looking
statements. These forward-looking statements, and terms such as
“anticipate,” “expect,” “believe,” “may,” “will,” “should” or other
comparable terms, are based largely on IMAC's expectations and are
subject to a number of risks and uncertainties, certain of which
are beyond IMAC's control. Actual results could differ materially
from these forward-looking statements as a result of, among other
factors, risks and uncertainties associated with its ability to
raise additional funding, its ability to maintain and grow its
business, variability of operating results, its ability to maintain
and enhance its brand, its development and introduction of new
products and services, the successful integration of acquired
companies, technologies and assets, marketing and other business
development initiatives, competition in the industry, general
government regulation, economic conditions, dependence on key
personnel, the ability to attract, hire and retain personnel who
possess the skills and experience necessary to meet customers’
requirements, and its ability to protect its intellectual property.
IMAC encourages you to review other factors that may affect its
future results in its registration statement and in its other
filings with the Securities and Exchange Commission. In light of
these risks and uncertainties, there can be no assurance that the
forward-looking information contained in this press release will in
fact occur.
IMAC Press Contact:
Laura Fristoe
lfristoe@imacrc.com
Investor Relations:
Bret Shapiro
(516) 222-2560
brets@coreir.com
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