The US government programme is designed to help businesses keep their workforce employed during the coronavirus (COVID-19) crisis
() said it has received US$200,000 in funding from a US government programme designed to help businesses keep their workforce employed during the coronavirus (COVID-19) crisis.
The company said it received the maximum amount allowed under the programme based on its payroll and may qualify for partial forgiveness under the terms of the loan if certain payroll conditions are met.
If these conditions are not met or the board chooses not to seek forgiveness, the loan is repayable in equal instalments over eighteen months commencing in December 2020.
"As we continue to experience increasing demand for our detergent polymers, this funding will assist us with staffing levels to support growth in customer volumes. I am pleased that Itaconix can help working families and contribute to the US Small Business Administration's efforts to maintain employment during the current pandemic," John Shaw, the chief executive officer of Itaconix said in a statement.
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