Enzo Biochem, Inc. (the “Company”) is filing this Current Report on Form 8-K to provide an update related to the status of its Paycheck Protection Program (“PPP”) loan forgiveness application with the Small Business Administration (SBA).
We applied for a PPP loan based on the eligibility and need requirements established when the program was announced and in April 2020 received $7 million through Citibank N.A., the Company’s existing lender, pursuant to the PPP. In April 2021 we submitted our PPP loan forgiveness application and the loan necessity questionnaire to the SBA through Citibank N.A.
On June 14, 2021, we received notification through Citibank N.A. that the SBA rendered a final decision regarding its review of our PPP loan forgiveness application, which was that the SBA fully approved our loan forgiveness application on June 11, 2021. The forgiveness of the $7 million loan will be recognized during the fourth quarter of our fiscal year ending July 31, 2021.
