Phunware Receives United States Small Business Administration Loan Under CARES Act
AUSTIN, Texas--(BUSINESS WIRE)-- 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 received a loan under the United States Small Business Administration’s (SBA) Paycheck Protection Program (PPP) pursuant to the recently adopted Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”).
Phunware has received a $2,850,336 PPP loan through JPMorgan Chase Bank. The two-year, SBA administered PPP loan has an interest rate of 1.0% Per Annum, with initial payments deferred for six months. PPP loan proceeds will primarily be used for payroll costs and to retain workers.
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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.
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Source: Phunware, Inc.
Released April 13, 2020