Psychemedics receives full forgiveness of $2.18M PPP loan from SBA

PSYCHEMEDICS CORP

PPP loan principal of $2,181,157 plus accrued interest fully forgiven; forgiveness payment date July 1, 2021.
Loan originated May 1, 2020 from Bank of America at 1% interest, originally maturing May 4, 2022.
Forgiveness application submitted November 6, 2020; recognized in fiscal Q3 ending September 30, 2021.
Eliminates $2.18M liability and related interest obligation from the balance sheet.

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