From FLYHT Aerospace Solutions Ltd.
Calgary, Alberta – May 12, 2020 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported that it has received funds under two programs, each designed to support Canadian and American small businesses in keeping their workforces employed during the COVID-19 crisis.
Canadian Emergency Wage Subsidy (“CEWS”) program funds totaling $167,589 were received for Period 1, covering March 15 to April 11, 2020. This program automatically qualifies participating companies for one subsequent period, so FLYHT expects to receive a similar subsidy for Period 2, covering April 12 to May 9, 2020. FLYHT will also apply for future funding under this program, if eligibility criteria for subsequent periods are met. This subsidy does not have to be repaid.
FLYHT Inc., the Company’s wholly owned United States subsidiary, has received a loan from the United States’ Small Business Administration (“SBA”) under the Payroll Protection Program (“PPP”) of the CARES Act. This one-time loan under the PPP is valued at US$585,235. The loan has been issued with an annual interest rate of 1% over a two-year term and with an interest rate of 1%. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.