GEE Group receives full forgiveness of $19.9M PPP loans; pro forma zero debt

GEE Group Inc.

Full SBA forgiveness of all $19.9M PPP loans, including $16.5M principal + $268K interest, forgiven Dec 14, 2021.
Pro forma balance sheet as of Sep 30, 2021 shows zero debt; prior $3.4M forgiveness in FY2021.
Company reports ~$10M cash, no outstanding debt, and ~$15M ABL credit facility availability.
Financial impact of latest forgiveness reflected in Q1 ending Dec 31, 2021 results.
CEO expects strong Q4/FY2021 results; hiring environment and demand for services remains strong.

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