TAMPA, Fla., April 17, 2020 (GLOBE NEWSWIRE) -- AutoWeb, Inc. (Nasdaq: AUTO), a robust digital marketing platform providing advertising solutions for automotive dealers and OEMs, has received funding under a Paycheck Protection Program Term Note (PNC Note) with PNC Bank (PNC). This was completed through the Paycheck Protection Program (PPP) as part of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Under the terms of the PNC Note, AutoWeb has received total proceeds of approximately $1.4 million, bearing interest at 1% per annum with a maturity date of April 16, 2022. In addition, principal and interest payments will be deferred for the first six months of the loan. The company will use the proceeds for payroll costs and other permitted expenses in accordance with the requirements of the CARES Act, which provides for forgiveness of up to the full principal amount and accrued interest of qualifying loans guaranteed under the PPP.
“We appreciate the federal government’s commitment in supporting small businesses through the PPP, along with PNC for their quick and efficient work to get us the appropriate funding during this unprecedented time,” said Jared Rowe, CEO of AutoWeb. “In addition to our previously announced cost reductions, we believe this increased liquidity will allow us to continue meeting our payroll needs and ensure that our business remains fully operational. With these initiatives in place, we are maintaining employment across our organization to minimize business disruption and will continue to meet the needs of our dealer and OEM customers.”
About AutoWeb, Inc.
AutoWeb, Inc. provides high-quality consumer leads, clicks and associated marketing services to automotive dealers and manufacturers throughout the United States. The company also provides consumers with robust and original online automotive content to help them make informed car-buying decisions. The company pioneered the automotive Internet in 1995 and has since helped tens of millions of automotive consumers research vehicles; connected thousands of dealers nationwide with motivated car buyers; and has helped every major automaker market its brand online.
