Shop LC Global Inc, USA gets waiver for an amount of US$ 4,807,244.72

Shop LC Global Inc, USA, (a step-down subsidiary of Vaibhav Global Limited) received waiver for an amount of US$ 4,807,244.72, obtained as business loan under Paycheck Protection Program, from the United States Federal Government.

The US Federal government in the wake of COVID 19 pandemic has provided support to business through Paycheck Protection Program (PPP). Shop LC Global Inc, USA have obtained a benefit under this scheme and received a loan of US$ 4,807,244.72 in April, 2020 through First Freedom Bank. This loan is eligible for forgiveness on fulfillment of certain conditions. Shop LC Global Inc has applied for forgiveness by making an application to Small Business Administration (SBA), United States government agency for review and approval. Based upon the intimation received from the First Freedom Bank on 1st July, 2021 and subsequent confirmation on 28th July, 2021, Shop LC Global Inc is no longer required to repay the abovesaid loan received as business loan under Paycheck Protection Program from the United States Federal Government.

Shares of Vaibhav Global Ltd was last trading in BSE at Rs. 798 as compared to the previous close of Rs. 787.6. The total number of shares traded during the day was 27757 in over 2563 trades.

The stock hit an intraday high of Rs. 803.5 and intraday low of 771. The net turnover during the day was Rs. 21925998.

Source : Equity Bulls

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