Subex Inc, (a subsidiary of Subex) received a waiver for an amount of US$ 799,167 along with interest of US$ 8,302.46 received as a business loan under the Paycheck Protection Program from the United States Federal Government.
The US Federal government in the wake of the COVID 19 pandemic has provided support to businesses through Paycheck Protection Program (PPP). Subex Inc. (a subsidiary of the Company) has obtained a benefit under this scheme for US$ 799,167 (equivalent to Rs. 600 Lakhs) during May 2020.
This loan is eligible for forgiveness on fulfillment of certain conditions. Subex Inc. has applied for forgiveness by making an application to Small Business Administration (SBA), United States government agency for review and approval. Based on the loan forgiveness approval received from SBA, Subex Inc is no longer required to repay the loan of US$ 799,167 and the interest amount of US$ 8,302.46 received as a business loan under the Paycheck Protection Program from the United States Federal Government.
