Phunware Applies for Small Business Administration Loan Under CARES Act

Phunware, Inc. (NASDAQ: PHUN), a fully integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, has announced 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”), the company said.

Phunware has applied for a USD 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.

Phunware 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. 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.