$NSRI Activation of Payroll Protection Program
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Posted On: 04/21/2020 11:16:28 AM
$NSRI Activation of Payroll Protection Program
Though cash flow remains strong, its Mulch Manufacturing subsidiary has applied for and has been approved to receive $1,458,200 in funding under the Payroll Protection Program recently enacted by Congress.
Despite layoffs and furloughs across the country, NSRI and its subsidiaries have not laid off any of its 175+ employees. The Company plans to use the funding primarily for payroll; as such, the loan of $1,458,200 will be forgiven in entirety, by the federal government.
This will effectively decrease the Company's expenses, thereby increasing margins and resulting in a direct increase of $1,458,200 to earnings, when the loan is forgiven.
“As our country and the rest of the world faces the effects COVID-19, we remain 100% committed to our customers, shareholders and vendors,” stated Raynor. “We will continue to provide the market with high quality products and services that continue to drive growth for our employees and shareholders.
“Ultimately, it is our family of employees and the support of their families, as well as their tireless commitment during these difficult times, that are responsible for our ability to continue serving our customers, communities and our shareholders. They are the ones that have made it possible for the Company to thrive and grow when so many others are struggling to stay afloat. For that, I remain proud of and grateful for their hard work and unwavering dedication."
https://www.otcmarkets.com/stock/NSRI/news/Na...?id=259368
Though cash flow remains strong, its Mulch Manufacturing subsidiary has applied for and has been approved to receive $1,458,200 in funding under the Payroll Protection Program recently enacted by Congress.
Despite layoffs and furloughs across the country, NSRI and its subsidiaries have not laid off any of its 175+ employees. The Company plans to use the funding primarily for payroll; as such, the loan of $1,458,200 will be forgiven in entirety, by the federal government.
This will effectively decrease the Company's expenses, thereby increasing margins and resulting in a direct increase of $1,458,200 to earnings, when the loan is forgiven.
“As our country and the rest of the world faces the effects COVID-19, we remain 100% committed to our customers, shareholders and vendors,” stated Raynor. “We will continue to provide the market with high quality products and services that continue to drive growth for our employees and shareholders.
“Ultimately, it is our family of employees and the support of their families, as well as their tireless commitment during these difficult times, that are responsible for our ability to continue serving our customers, communities and our shareholders. They are the ones that have made it possible for the Company to thrive and grow when so many others are struggling to stay afloat. For that, I remain proud of and grateful for their hard work and unwavering dedication."
https://www.otcmarkets.com/stock/NSRI/news/Na...?id=259368
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