LONDON (ShareCast) - (Sharecast News) - Iodine and specialty chemicals company Iofina announced on Thursday that its subsidiaries Iofina Chemical and Iofina Resources have received loans totalling $1.09m under the United States Small Business Administration's Paycheck Protection Program (PPP), part of the Coronavirus Aid Relief and Economic Security Act.
The AIM-traded firm said the PPP loans, or a portion of them, would be forgivable if the proceeds were used for eligible purposes, including employee retention and payroll.

It said it expected a "significant majority" of funds received to be eligible for forgiveness under the programme.

"As previously reported on 4 May, brine to IO#8 has been reduced," Iofina said in its statement, confirming that the plant was not currently operating.

"Whilst not certain, the company expects viable brine volumes to return to IO#8 in the third quarter of 2020 as the US economy recovers and oil prices stabilise.

"The company's four other 'IOsorb' iodine plants are unaffected and continue to operate as expected."

At 0927 BST, shares in Iofina were up 1.88% at 13.55p.

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