Intellinetics, Inc. Announces Termination of A Material Definitive Agreement
January 21, 2021 at 04:30 pm
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On January 20, 2021, Intellinetics, Inc. (the “Company”) received notification that the U.S. Small Business Administration (the “SBA”) has forgiven, in full, the unsecured promissory note issued to the Company under the Paycheck Protection Program (the “PPP”). The promissory note was through PNC Bank with a principal amount of $838,700, dated April 15, 2020. The PPP was established under the congressionally approved Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and is administered by the SBA. Under the terms of the CARES Act, PPP loan recipients can apply for, and be granted, forgiveness for all or a portion of loans granted under the PPP. The Company met the requirements for loan forgiveness, and the entire principal and interest of the loan granted to the Company under the PPP has been forgiven. No material early termination penalties were incurred as a result of this forgiveness.
Intellinetics, Inc. is a holding company. The Company is a document services and software solutions company serving both the small-to-medium business and governmental sectors with their digital transformation and process automation initiatives. It operates through two segments: Document Management and Document Conversion. The Document Management segment consists of solutions involving its software platform, allowing customers to capture and manage their documents across operations such as scanned hard-copy documents and digital documents, including those from Microsoft Office 365, digital images, audio, video, and emails. The Document Conversion segment provides assistance to customers as a part of their overall document strategy to convert documents from one medium to another, predominantly paper to digital, including migration to its software solutions, as well as long-term storage and retrieval services. Its flagship software platforms include IntelliCloud, and YellowFolder.