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AcuityAds Provides Update on its Coronavirus Government Support
AcuityAds Provides Update on its Coronavirus Government Support Canada NewsWire ...
About this update from Illumin Holdings Inc.
[{"type":"text","content":"\n\n\n\nAcuityAds Provides Update on its Coronavirus Government Support\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO and NEW YORK, May 11, 2020\n\n\n\nTORONTO and NEW YORK, May 11, 2020 /CNW/ - AcuityAds Holdings Inc. (TSX:AT, OTCQX:ACUIF) (\"AcuityAds\" or the \"Company\"), a technology leader that provides targeted digital media solutions enabling advertisers to connect intelligently with audiences across all digital advertising channels, announced that it has secured approximately $3 million from the Canadian, U.S. and Spanish governments' Covid-19 support programs to maintain its payroll and avoid the need for a reduction in its workforce.\nIn the U.S., AcuityAds has been granted a loan of US$1.4 million pursuant to the Paycheck Protection Program (\"PPP\") as part of the Coronavirus Aid, Relief and Economic Security Act (the \"CARES Act\").  The Loan matures after a two year period, is unsecured and is guaranteed by the U.S. Small Business Administration.  As stipulated by the requirements of the PPP, the Loan will be forgiven if the proceeds are used to cover payroll costs.  The Company expects to apply for the loan forgiveness in accordance with the terms of the CARES Act. \nAcuityAds also expects to receive approximately $600,000 from the Canadian government's Canada Emergency Wage Subsidy (\"CEWS\") Program and recently received Eur250,000 from the Spanish government through their Coronavirus aid program. \n\"We are thankful for the support provided by the Canadian, U.S. and Spanish governments during this pandemic,\" commented Tal Hayek, Co-Founder and Chief Executive Officer of AcuityAds. \"As each program was fully intended, they will enable us to maintain our employment levels, allowing us to continue to focus on the safety of our employees and the continued delivery of our services to our customers. The funds from these programs further fortify our business to ensure the Company is in a strong position to weather the current economic environment.\"\nAbout AcuityAds:\nAcuityAds is a leading technology company that...