$RIBT RiceBran Technologies Secures $1.8 Million
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Posted On: 04/16/2020 9:26:04 AM
$RIBT RiceBran Technologies Secures $1.8 Million Loan Under CARES Act Paycheck Protection Program Provision
As per the March CC, they don't need it. If so, nice if it is forgiven anyway.
https://ih.advfn.com/stock-market/NASDAQ/rice...on-loan-un
RiceBran Technologies (RIBT) (also the "Company" or "RBT"
, a global leader in the production and marketing of value-added products derived from rice bran and a producer of rice, rice co-products, and barley and oat products, announced today it received a $1.8 million loan through Spirit of Texas Bank under the United States Small Business Administration's (SBA) Payroll Protection Program (PPP) contained within the new Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The two-year, SBA administered PPP loan has an interest rate of 0.98% per annum, with initial principal and interest payments deferred for six months. PPP loan proceeds will primarily be used for payroll costs and to retain workers, and, if used for payroll and certain other permitted expenses, the principal and unpaid interest may be forgiven.
"RiceBran is thankful the CARES Act is supporting small U.S. businesses and their employees during this unprecedented time," said Brent Rystrom, President and CEO of RiceBran. "Along with the proceeds raised through our secondary offering in December, 2019, and unused capacity from our factoring facility with Republic Business Credit, the $1.8 million PPP loan further strengthens our balance sheet. While our company continues to be fully operational, this increased liquidity will help us to maintain payroll and support our business through the difficulties caused by the COVID-19 pandemic."
As per the March CC, they don't need it. If so, nice if it is forgiven anyway.
https://ih.advfn.com/stock-market/NASDAQ/rice...on-loan-un
RiceBran Technologies (RIBT) (also the "Company" or "RBT"
, a global leader in the production and marketing of value-added products derived from rice bran and a producer of rice, rice co-products, and barley and oat products, announced today it received a $1.8 million loan through Spirit of Texas Bank under the United States Small Business Administration's (SBA) Payroll Protection Program (PPP) contained within the new Coronavirus Aid, Relief, and Economic Security (CARES) Act. The two-year, SBA administered PPP loan has an interest rate of 0.98% per annum, with initial principal and interest payments deferred for six months. PPP loan proceeds will primarily be used for payroll costs and to retain workers, and, if used for payroll and certain other permitted expenses, the principal and unpaid interest may be forgiven.
"RiceBran is thankful the CARES Act is supporting small U.S. businesses and their employees during this unprecedented time," said Brent Rystrom, President and CEO of RiceBran. "Along with the proceeds raised through our secondary offering in December, 2019, and unused capacity from our factoring facility with Republic Business Credit, the $1.8 million PPP loan further strengthens our balance sheet. While our company continues to be fully operational, this increased liquidity will help us to maintain payroll and support our business through the difficulties caused by the COVID-19 pandemic."
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