Cinedigm announces forgiveness of $2.2 million paycheck protection program loan

Los angeles, ca / accesswire / july 8, 2021 / cinedigm (nasdaq:cidm) announced today that the company has received forgiveness of approximately $2.2 million of loan proceeds and accrued interest ("ppp loan") previously carried under the paycheck protection program ("ppp"). on july 7, 2021, cinedigm received notice from east west bank ppp, the lender of the company's "ppp" loan, that the u.s. small business administration ("sba") approved the forgiveness of the ppp loan in its entirety, and that east west bank has applied the funds and paid off the principal and interest of the ppp loan in full.
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