Dignitana has announced that the company has obtained an unsecured loan from the Payroll Protection Program (PPP) in the amount of $353,800 USD.
The PPP is a $669 billion USD small business loan program that is part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in the United States. It was approved by the Congress in March 2020 to stimulate the economy and help businesses recover from the impact of COVID-19.
The term of the loan is two years at an annual interest rate of 1% on funds not spent within eight weeks of the loan funding date. PPP funding may be used to offset payroll costs, rent, interest, and utilities. The loan may be partially or fully forgiven if the business keeps its employee counts and employee wages stable.