Business

SigmaTron reports forgiveness of $6.3 million PPP loan

Posted July 13, 2021 11:00 pm

ELK GROVE VILLAGE - SigmaTron International Inc. said it has received full forgiveness from the Small Business Administration for its COVID-19-related Paycheck Protection Program loan in the amount of roughly $6.3 million, which the company received in April 2020 pursuant to the Coronavirus Aid, Relief and Economic Security Act.

The company was notified of the forgiveness on Friday, July 9, and it covers all principal and accrued interest. The accounting for the forgiveness will be reflected in the company's first quarter financial statements for fiscal year 2022, SigmaTron said.

"We believed that the PPP loan would be essential to support our U.S. employees and factories as they worked through the pandemic and the volatile economy it had created and, indeed, that was the case," said Gary R. Fairhead, president, CEO and chairman. "We remain thankful for the government's foresight in creating this program."

SigmaTron is an electronic manufacturing services company that provides printed circuit board assemblies and completely assembled electronic products.

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