Orthopedic implant manufacturer Conformis recently received a $4.7 million loan through the Small Business Association to help maintain liquidity during the COVID-19 pandemic.
Four things to know:
1. The loan was provided through the Paycheck Protection Program, offered by the SBA.
2. The Coronavirus Aid, Relief, and Economic Security Act authorizes the SBA to provide low-interest rate loans to small businesses under the PPP.
3. All or a portion of the loan may be forgiven if the funds are used for payroll costs, interest on outstanding debt, rent and utilities, according to the terms of the PPP.
4. Conformis furloughed about 80 employees and all of its temporary workforce, effective March 23.