Bonhill Group gets $1.1m under US Paycheck Protection Program
Business-to-business media and information company Bonhill Group announced on Friday that its wholly-owned US subsidiary has received loans totalling $1.1m (£0.89m) under the US Small Business Administration's ‘Paycheck Protection Program’, which is part of the Coronavirus Aid Relief and Economic Security (CARES) Act.
The AIM-traded firm said the loans, or a portion of them, could be forgivable if the proceeds were used for eligible purposes, including employee retention and payroll.
“The board currently expects that over two-thirds of the funds received under the Paycheck Protection Program loan will be eligible for forgiveness, which will form a significant proportion of the company's previously-announced £1m US payroll cost savings expected in 2020,” the board said in its statement.
At 0948 BST, shares in Bonhill Group were down 8.11% at 8.5p.