© next biometrics Business | May 05, 2020
NEXT Biometrics receives COVID-19 US government loan
The Norwegian fingerprint sensor technology company says that its US subsidiary, Next Biometrics Inc., has received a COVID-19 US government sponsored loan (Paycheck Protection Program) of approximately USD 1 million.
The program was created by the Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020. The company says that the loan will help the company cover payroll and aid them in covering overhead expenses of its US operation and Next may qualify for loan forgiveness for a sizable portion of the loan. The loan has an interest rate of 1% and a two year term. “The Covid-19 lockdown in Seattle, WA has led to that Next US R&D employees must carry their duties from home offices. As earlier communicated the company has already taken steps securing that all customers are being served during this period. At the same time, we are pleased that Next Inc has been approved for the small business loan program sponsored by the US government. The loan and the recently announced cost reductions in our global operations will contribute in extending our financial runway” says Peter Heuman, NEXT Biometrics CEO, in a press release.
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