Nortech Systems Announces $6.1 million PPP Loan Forgiveness
November 30 2021 - 9:25AM
Business Wire
Nortech Systems Incorporated (Nasdaq: NSYS) (the “Company”) is
filing this Current Report on Form 8-K to provide an update related
to the status of its Paycheck Protection Program (the “PPP”) loan
forgiveness application with the U.S. Small Business Administration
(“SBA”).
As previously announced, on April 21, 2020, the Company executed
a promissory note to Bank of America National Association (“BOA”),
as lender, in the aggregate principal amount of $6.1 million (the
“PPP Loan”) under the PPP. The PPP was established under the
Coronavirus Aid, Relief, and Economic Security Act and is
administered by the SBA. The Company submitted its PPP loan
forgiveness application to the SBA through BOA.
On November 29, 2021, the Company received notification through
BOA that the PPP loan and accrued interest has been fully forgiven
by the SBA and the forgiveness payment date was November 3, 2021.
The financial impact of PPP loan forgiveness will be reflected in
the Company’s results for fourth quarter 2021 ending December 31,
2021.
Nortech, in partnership with our medical, industrial and defense
customers, uses intelligence, innovation, speed and global
expertise to provide manufacturing and engineering solutions. This
enables our customers to be leaders in digital connectivity and
data management to achieve their business goals. Nortech strives to
be a premier workplace that fosters valued relationships internally
and in our communities.
About Nortech Systems
Incorporated Nortech Systems, Incorporated is a leading
provider of design and manufacturing solutions for complex
electromedical devices, electromechanical systems, assemblies, and
components. Nortech Systems primarily serves the medical, aerospace
& defense, and industrial markets. Its design services span
concept development to commercial design, and include medical
device, software, electrical, mechanical, and biomedical
engineering. Its manufacturing and supply chain capabilities are
vertically integrated around wire/cable/interconnect assemblies,
printed circuit board assemblies, as well as system-level assembly,
integration, and final test. Headquartered in Maple Grove, Minn.,
Nortech currently has seven manufacturing locations and design
centers across the U.S., Latin America, and Asia. Nortech Systems
is traded on the NASDAQ Stock Market under the symbol NSYS.
Nortech’s website is www.nortechsys.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20211130005405/en/
Chris Jones, CFO cjones@nortechsys.com 952-345-2244
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