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(Alliance News) - Itaconix PLC on Tuesday said it has received USD200,000 in funding under the US Small Business Administration's Paycheck Protection Program.
The company - which develops bio-based functional functional ingredients for use in industrial, home care, and personal care products - said the loan is repayable over 18 months starting from December. It added that it may be eligible for partial forgiveness under the terms of the loan if certain payroll conditions are met.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. Loans will be forgiven if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
"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," said Chief Executive John Shaw.
Itaconix shares were trading 0.7% higher at 1.51 pence each on Tuesday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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