Business
McCoy Global Announces Receipt of US$1.9 million Payroll Protection Program Loan
McCoy Global Announces Receipt of US$1.9 million Payroll Protection Program Loan ...
About this update from Mccoy Global Inc.
[{"type":"text","content":"\n \n \n \n McCoy Global Announces Receipt of US$1.9 million Payroll Protection Program Loan\n \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 Canada NewsWire\n \n \n \n \n \n EDMONTON, AB\n \n ,\n \n April 9, 2021\n \n /CNW/ -\n \n McCoy Global\n \n \n Inc.\n \n (\"McCoy,\" \"McCoy Global\" or \"the Corporation\") (TSX: MCB) today announced the Corporation's application for second round funding under the US Paycheck Protection Program Loan (PPP) of\n \n US$1.9 million\n \n has been approved and funded.\n \n \n \n \n \n \n \n \n \n The loan bears interest at 1.0% and is payable in forty-four (44) equal monthly payments of\n \n US$50 thousand\n \n beginning\n \n August 31, 2022\n \n and maturing on\n \n March 31, 2026\n \n . A portion or all of the loan proceeds may be forgiven in accordance with certain US Treasury guidelines. The Corporation estimates that, based on US Treasury Guidelines currently in effect,\n \n US$1.9 million\n \n of the loan proceeds may be forgiven if the Corporation's application for forgiveness is approved.\n \n \n The proceeds of the funding will be used to directly support the Corporation's US employee payroll expenditures. This funding will further support McCoy's product development team resources. These resources are critical to advancing McCoy's Digital Technology Roadmap Strategy, which includes the launch its next two 'Smart' products in 2021 with the goal of having a fully automated TRS solution, SmartTR\n \n TM\n \n , by the end of 2022.\n \n \n \n About McCoy Global Inc.\n \n \n \n \n \n McCoy Global is transforming well construction using automation and machine learning to maximize wellbore integrity and collect precise connection data critical to the global energy industry. The Corporation has offices in\n \n Canada\n \n ,\n \n the United States of America\n \n , and the\n \n United Arab Emirates\n \n and operates internationally in more than 50 countries through a combination of direct sales and key distributors.\n \n \n Throughout McCoy's 100-year history, it has proudly called\n \n Edmonton, Alberta, Canada\n \n its corp...