SAN ANTONIO, April 20, 2020 (GLOBE NEWSWIRE) -- Usio, Inc. (Nasdaq:USIO), an integrated electronic payment solutions provider, today announced it has received funding under a Paycheck Protection Program Term Note with The Bank of San Antonio (TBSA). This was completed through the Paycheck Protection Program (PPP) as part of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act), administered by the U.S. Small Business Administration.
Under the terms of the Note, Usio has received total proceeds of approximately $814,000 bearing interest at 1% per annum with a maturity date of April 15, 2022. In addition, principal and interest payments will be deferred for the first six months of the loan. The loans are subject to the terms and conditions applicable to loans administered by the U.S. Small Business Administration under the CARES Act. The company will use the proceeds for payroll costs and other permitted expenses. Under the terms of the PPP, the principal may be forgiven if the Loan proceeds are used for qualifying expenses as described in the CARES Act, such as payroll costs, benefits, rent, and utilities.
Louis Hoch, President and Chief Executive Officer of Usio, said, “The federal government’s Paycheck Protection Program recognizes that small businesses are the heart of the American economy. Usio has called San Antonio home for over 20 years, and we are grateful to both the federal government and The Bank of San Antonio for their support as we will use the proceeds of this loan to do our part in keeping the local economy going in the many cities where our employees’ offices are located. The liquidity this loan provides will enable us to maintain employment across our organization to minimize business disruption and meet the needs of our customers. We expect that we will meet the terms of the PPP enabling the federal government to ultimately forgive this loan.”
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas, and Franklin, Tennessee, just outside of Nashville. Websites: www.usio.com, www.singularpayments.com, www.payfacinabox.com, www.akimbocard.com, and www.ficentive.com. Find us on Facebook® and Twitter.
