Zagg to keep $9.5 million PPP loan despite new Treasury guidance By Reuters

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Zagg to keep $9.5 million PPP loan despite new Treasury guidance

Stock Markets Apr 24, 2020 01:55PM ET

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NEW YORK (Reuters) - Zagg inc (O:ZAGG), a maker of screen protectors for mobile devices, said on Friday it plans to keep a $9.5 million loan granted under Treasury's Payroll Protection Program (PPP), a day after new guidance that publicly traded firms would have a hard time proving they really needed the coronavirus relief funds.

"These funds will play a critical role in ensuring we have our team in place as the economy reopens," a spokesman for Zagg said in an emailed statement.

U.S. companies on Thursday began refusing government loans they were just awarded, after the Treasury Department updated its guidance.

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Comments (1)

wojtek wolinski Oct 06, 2020 7:15PM ET

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Government doing its best to hand out helicopter money to inflate its way out of debt at the expense of the taxpayer.

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