Aurora Spine, a Toronto, Canada-based spinal implant manufacturer, on April 27 received loan proceeds of $450,877 under the Paycheck Protection Program, as part of the Coronavirus Aid, Relief and Economic Security Act.
Three things to know:
1. The CARES Act was established to help small businesses pay staff during the COVID-19 pandemic.
2. The CARES Act authorizes the Small Business Association to provide low-interest rate loans to businesses of up to 2.5 times their average payroll costs under the PPP.
3. The loan is eligible to be forgiven if the loanee uses the proceeds during the eight-week period after receiving them, and the funds go toward covering payroll costs, rent, mortgage interest and utilities.