(Sharecast News) - Bonhill Group updated the market on its US Paycheck Protection Program (PPP) loan on Tuesday, having received the $1.1m loan on 29 May.
The AIM-traded business information, events and data company said the loan was made to protect US jobs and, provided it used it for employee retention, payroll and other eligible purposes, it could make an application for the loan to be forgiven, thus converting it into a grant.
In its interim results in September, Bonhill said that the PPP loan was expected to be fully forgiven and converted to a grant in the fourth quarter of 2020, once the application process had been opened by the lending bank.
The application for forgiveness was made by the firm in November.
"The company is pleased to announce that, according to the lending bank's administration portal, the PPP loan was fully forgiven in late December," Bonhill said in its statement on Tuesday.
"The result of this successful application has no impact on, and does not change, the company's previous expectations for the outturn for the year ended December."
Bonhill said it would announce its pre-close update for the year ended December in mid-January.
At 1058 GMT, shares in Bonhill Group were down 0.09% at 10.99p.
25 Jul 2023 15:47