-
ALSO READ
Subex gains on launching augmented analytics platform
Subex gains on new deal with Saudi-based digital company
Subex partners with SkyLab to provide cybersecurity solutions for shipping industry
Subex reports consolidated net profit of Rs 8.71 crore in the December 2020 quarter
Subex spurt on joining O-RAN Alliance
-
Subex Inc, (a subsidiary of Subex) received waiver for an amount of US$ 799,167 along with interest of US$ 8,302.46 received as business loan under Paycheck Protection Program from the United States Federal Government.
The US Federal government in the wake of COVID 19 pandemic has provided support to business through Paycheck Protection Program (PPP). Subex Inc. (a subsidiary of the Company) have obtained a benefit under this scheme for US$ 799,167 (equivalent to Rs. 600 Lakhs) during May 2020.
This loan is eligible for forgiveness on fulfillment of certain conditions. Subex Inc. has applied for forgiveness by making an application to Small Business Administration (SBA), United States government agency for review and approval. Based on the loan forgiveness approval received from SBA, Subex Inc is no longer required to repay the loan of US$ 799,167 and the interest amount of US$ 8,302.46 received as business loan under Paycheck Protection Program from the United States Federal Government.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU