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Moschip Technologies announced that its subsidiary, MosChip, USA has received waiver for an amount of US$ 245,078 (equivalent to Rs. 1.77 crore) along with interest of US$ 2,593.74 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). MosChip, USA (a subsidiary of the Company) have obtained a benefit under this scheme for US$ 245,078 during May 2020. This
loan is eligible for forgiveness on fulfillment of certain conditions. MosChip, USA 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, MosChip, USA is no longer required to repay the loan of US$ 245,078 and the interest amount of US$ 2,593.74 received as business loan under Paycheck Protection Program from the United States Federal Government.
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