HealthLynked Corp. (OTCQB: HLYK), a global healthcare network focused on care management of its members and a provider of healthcare technologies that connects doctors, patients and medical data, today announced that it has received funding under the Paycheck Protection Program (PPP). The PPP loans, administered by the U.S. Small Business Administration and processed through Wells Fargo Bank, were issued under the recently enacted Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.
HealthLynked Corp. and its subsidiaries received a total of $585,000 in proceeds from PPP loans. The loans bear interest at 1% per annum and mature in May 2022. Principal and interest payments are deferred for the first six months of the loans. Pursuant to the terms of the PPP, principal amounts may be forgiven if loan proceeds are used for qualifying expenses as described in the CARES Act, including costs such as payroll, benefits, employer payroll taxes, rent and utilities. The company plans to use the proceeds for payroll costs and other permitted expenses.
George O'Leary, Chief Financial Officer of HealthLynked Corp., said, "We are grateful to the current administration for recognizing that small businesses are at the heart of the American economy. Our medical staffs have been hard at work caring for patients during the COVID-19 pandemic. We have also been focused on providing information with our COVID-19 Tracker to keep people around the world safe and fully informed during this unprecedented time." Mr. O'Leary continued, "We are also grateful to Wells Fargo Bank for their support and the proceeds of these loans will mostly go toward our medical centers who continue to serve the patients of both Collier and Lee Counties. The liquidity provided by these loans will enable us to maintain our current staffing levels and minimize business disruption. We expect our use of the funds to meet the terms of the PPP, thereby enabling the federal government to ultimately forgive these loans."
About HealthLynked Corp.
HealthLynked Corp. provides a solution for both patient members and providers to improve healthcare through the efficient exchange of medical information. The HealthLynked Network is a cloud-based platform that allows members to connect with their healthcare providers and take more control of their healthcare. Members enter their medical information, including medications, allergies, past surgeries and personal health records, in one convenient online and secure location, free of charge. Participating healthcare providers can connect with their current and future patients through the system. Benefits to in-network providers include the ability to utilize the HealthLynked patent pending patient access hub "PAH" for patient analytics. Other benefits for preferred providers include HLYK marketing tools to connect with their active and inactive patients to improve patient retention, access more accurate and current patient information, provide more efficient online scheduling and to fill last minute cancelations using our "real time appointment scheduling" all within our mobile application. Preferred providers pay a monthly fee to access these HealthLynked services. For additional information about HealthLynked Corp. visit www.healthlynked.com and connect with HealthLynked on Twitter, Facebook, and LinkedIn.
