ORIONS Money Stocks

[rayank]

CEMI testing in news 3 times in 3 days.
8-K story and 2 other article links:

CEMI is 1 of only 3 companies that are authorized by the FDA for "emergency use authorization" for testing for anti-bodies.

https://www.bizjournals.com/sanfrancisco/news/2020/04/22/covid-coronavirus-serologic-blood-tests-roche.html?ana=yahoo

https://www.marketwatch.com/story/how-mass-testing-is-the-only-way-to-return-to-normalcy-but-bottlenecks-and-questions-persist-2020-04-22?mod=mw_quote_news

8-K Filing......Great News!

On April 20, 2020, we, through our subsidiary Chembio Diagnostic Systems Inc., entered into a loan agreement with HSBC Bank USA, National Association, which we refer to as the PPP Loan, pursuant to the Paycheck Protection Program of the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. Under the PPP Loan we will receive approximately $2.98 million, which will mature on April 20, 2022 and bear interest at a rate of 1.00% per annum. The PPP Loan is evidenced by a note dated April 20, 2020, which contains customary events of default relating to, among other things, payment defaults and breaches of representations and warranties. We may prepay the PPP Loan at any time prior to maturity with no prepayment penalties.

Under the terms of the Paycheck Protection Program, certain amounts of the PPP Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. We intend to use all proceeds from the PPP Loan for such qualifying expenses. Based on currently available guidance, we expect that $2.4 to $2.7 million of the PPP Loan may be forgiven by the U.S. Small Business Administration, or SBA, upon submission of our application beginning 60 days but not later than 120 days after loan approval and upon documentation of expenditures in accordance with the SBA requirements. The amount of any principal or interest that is not forgiven and is outstanding as of October 20, 2020 will be fully amortized and equal monthly payments of principal and interest will be due commencing on November 20, 2020 through April 20, 2022.

R.B. Engelhorn