Blonder Tongue Announces CARES PPP Loan Forgiveness

0
14


OLD BRIDGE, NJ / ACCESSWIRE / July 6, 2021 /Blonder Tongue Laboratories, Inc. (American NYSE:BDR) announced today that he has received a pardon of $ 1,768,762 in loans (“PPP loan“) previously received under the Payroll Protection Program (“PPP“).

As previously reported, on April 10, 2020, the Company received a loan in the amount of USD 1,768,762 under the federal PPP program. The PPP was established under the Coronavirus Relief, Emergency and Economic Security Act (“Care law“) and is administered by the US Small Business Administration (“SBAThe PPP loan is confirmed by a promissory note dated April 5, 2020.Note“) between the Company as the Borrower and JPMorgan Chase Bank, NA, as the Lender (“CreditorThe Bonds bear an interest rate of 0.98% per annum, with interest accruing on the outstanding principal amount calculated based on the actual number of days that have elapsed in a year of 360 days.

Under CARES, beneficiaries of a PPP loan can apply and the SBA can provide forgiveness for all or part of the PPP loan, plus any accrued interest if the beneficiaries have used the proceeds of the PPP loan for an acceptable purpose. The company applied for a PPP loan forgiveness in the second quarter of 2021.

On June 30, 2021, the Company received a notice from the Lender that the SBA had approved the Company’s application to forgive the PPP loan for the full amount of the PPP Loan. The forgiveness of the PPP loan will be recognized in the second quarter of the Company ended June 30, 2021.

Commenting on the PPP forgiveness notice, Blonder Tongue CFO Eric Skolnik said: “We were delighted to receive the forgiveness notice. The PPP program became available to US manufacturers such as Blonder Tongue and other US small and medium-sized companies at a critical juncture. last April, when the pandemic had a huge impact on our ability to maintain sales and manage our liquidity. PPP funding allowed us to keep our employees safe from unemployment and allowed us to create the necessary bridge to allow the market to begin its recovery and manage restructuring to survive the period when up to 50% of our clients temporarily closed their doors last year. ”

About Blonder Tongue

Blonder Tongue Laboratories, Inc. is the oldest developer and manufacturer of telecommunications and video-over-cable television technologies in the United States. Most of our products are still designed and manufactured in our state-of-the-art New Jersey facility, which has been home to the Company for over 50 years. Blonder Tongue Labs offers US-based leading edge design and manufacturing technology with an industry reputation for ultra high reliability products. As a leader in the design of cable TV systems, the Company provides service operators and system integrators with comprehensive solutions for the management and distribution of digital video, IPTV and high-speed data services, as well as broadband RF distribution over fiber, IP and coaxial cable. networks for home and business. Additional information about the company and its products can be found on the website www.blondertongue.com

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The above information includes “forward-looking” statements. Forward-looking statements refer to future events concerning matters such as expected financial results, business outlook, technological developments, etc. new products, research and development, and similar matters. In order to comply with the terms of the Safe Harbor provisions, the Company notes that a number of factors may cause our actual results and experiences to differ materially and unfavorably from those expected results or other expectations expressed in forward-looking statements. operations, performance, development and results of the Company’s business include, but is not limited to, the issues discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, in the sections “Management Discussion and Analysis Financial Condition and Results of Operations “And” Risk Factors “, as well as in the same sections of the Company’s subsequent quarterly reports on Form 10-Q, which may be further updated by any Current Form 8-K reports that we may submit. … The words “believe”, “expect”, “expect”, “plan”, “goal”, “intend”, “plan”, “seek”, “evaluate”, “strive”, “should”, “could”, “May” and similar expressions are intended to indicate forward-looking statements. In addition, any statements that relate to projections of our future financial performance, expected growth trends in the Company’s business and other characteristics of future events or circumstances are forward-looking statements, including statements regarding the Company’s ability to continue as a going concern and the company’s ability to maintain a listing of its shares. on the American stock exchange NYSE. Readers should also carefully study the risk factors included in other documents that the Company from time to time submits to the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which relate only to the date of this document or, in the case of other documents mentioned in this document, the dates of those documents. The Company assumes no obligation to publicly review or update these forward-looking statements to reflect events or circumstances that arise after the date of this document, except as may be required by applicable law. The Company’s actual results may differ from the expected results or other expectations expressed in these forward-looking statements.

Contacts

Eric Skolnik
Chief Financial Officer
eskolnik@blondertongue.com
(732) 679-4000

Ted Grouch
Director of the company
tgrauch@blondertongue.com
(732) 679-4000

Press Contacts:
Bob Gold
Bob Gold & Partners
bob@bobgoldpr.com
(office) 310-320-2010

A SOURCE: Blonder Tongue Laboratories, Inc.

See the original version at accesswire.com:
https://www.accesswire.com/654365/Blonder-Tongue-Announces-Forgiveness-of-CARES-Act-PPP-Loan



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here