The group, in its Dec 9, 2022, statement, added that it had obtained the loan forgiveness for the first draw of the PPP loan during the FY2021 and thought that the second draw would be “similarly forgiven” as it was reviewed, approved and made available to the company by the participating bank. The second draw PPP loan was recognised as income in the group’s FY2021 financial statement.
Procurri Corporation, on Jan 3, announced that its appeal with the US’s Small Business Administration for the outcome of its application for loan forgiveness under the Paycheck Protection Program (PPP) has been declined.
The company, on Dec 9, 2022, said that its application for the second draw PPP loan forgiveness, where it applied for loans under the PPP and received the loan disbursements amounting to US$1.7 million ($2.3 million), was declined.
