KVH INDUSTRIES INC DE : Other Events (form 8-K)

Published: 2021-09-29 16:50:09 ET KVHI

ITEM 8.01. OTHER EVENTS.

As previously reported in the Current Report on Form 8-K filed with the Securities and Exchange Commission on May 6, 2020, KVH Industries, Inc. ( the "Company") applied for and accepted a $6.9 million loan (the "Loan") from Bank of America, N.A. (the "Lender") on May 3, 2020 under the Paycheck Protection Program, which was established under the Coronavirus Aid, Relief, and Economic Security Act (the "Act") and is administered by the U.S. Small Business Administration (the "SBA").

Pursuant to the terms of the Act, the Company applied for forgiveness, in full, of the Loan. On September 24, 2021, the Company received notification from the Lender that, on September 19, 2021, the SBA had determined that the Loan forgiveness application was approved and the Loan, including all accrued interest thereon, was paid in full by the SBA. The forgiveness of the Loan will be recognized in other income in the Company's financial results for the three months ended September 30, 2021.

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