Phunware, Inc. (NASDAQ: PHUN) (the “Company”), a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, announced today that it has applied for a loan under the United States Small Business Administration’s (SBA) Paycheck Protection Program pursuant to the recently adopted Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”).
Phunware has applied for a $2,850,336 PPP loan based on its calculation of the maximum amount it is permitted given the current guidance provided by the United States Department of Treasury. The two-year, SBA administered PPP loans have a 1.0% annual interest rate, with initial payments deferred for six months. PPP loan proceeds may only be applied for limited uses and 75% of the proceeds must be used for payroll costs.
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About Phunware, Inc.
Everything You Need to Succeed on Mobile — Transforming Digital Human Experience
Phunware, Inc. (NASDAQ: PHUN), is the pioneer of Multiscreen-as-a-Service (MaaS), an award-winning, fully integrated enterprise cloud platform for mobile that provides companies the products, solutions, data and services necessary to engage, manage and monetize their mobile application portfolios and audiences globally at scale. Phunware’s Software Development Kits (SDKs) include location-based services, mobile engagement, content management, messaging, advertising, loyalty (PhunCoin & Phun) and analytics, as well as a mobile application framework of pre-integrated iOS and Android software modules for building in-house or channel-based mobile application and vertical solutions. Phunware helps the world’s most respected brands create category-defining mobile experiences, with more than one billion active devices touching its platform each month. For more information about how Phunware is transforming the way consumers and brands interact with mobile in the virtual and physical worlds, visit https://www.phunware.com, https://www.phuncoin.com, https://www.phuntoken.com, and follow @phunware, @phuncoin and @phuntoken on all social media platforms.