Encision, a leading medial company owning the patented AEM technology that prevents dangerous electrostatic burns in surgery, has announced on Wednesday April 23, 2020 that it has successfully raised the $598,567 financing under the Paycheck Protection Program (PPP).
According to the details released by the PR News Wire News Agency, the Paycheck Protection Program (PPP) was approved by the United States under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
The total payable period of the Paycheck Protection Program (PPP) is basically for two years with the applicable interest rate of 1.0% per year. The 1.0% interest rate will also be deferred for the first 6 months payment under the loan. After the completion of the initial six month period, all the principal payments and interests will be subjected to pay under the guidelines of the Paycheck Protection Program and is not forgiven.
According to the terms and conditions of CARES acts, a recipient of Paycheck Protection Program Loan may apply for forgiveness of all or partial loan granted under the act.
Sharing his thoughts over the PPP loan the boass of Encision, Greg Trudel said, “We’re pleased to have received this funding. We appreciate the effort of Bank of America in facilitating us through the process. We look forward to bringing our team back to a renewed energy in manufacturing performance, engineering innovation and new AEM Technology products introduction.”
The Colorado-based company engages in the design and marketing of top quality and state of the art surgical instrumentation that delivers adequate patients’ safety with the patented Active Electrode Monitoring Technology. The company also offered the wide range of invasive surgical procedures to boost and optimize surgical performance.
Envision has pioneered the development and effective deployment of its patented Active Electrode Monitoring (AEM) technology that helps to eliminate the dangerous energy burns during surgery.