Tricorn approved for second draw of US paycheck protection loan

Tube manipulation specialist Tricorn Group announced on Monday that, according to its lending bank, its application for a second draw of its US Payroll Protection Program (PPP) loan, which it made in March, had been approved.

The AIM-traded firm said the loan, totalling $0.7m (£0.5m), was made to protect US jobs and, provided it was used for employee retention, payroll and other eligible purposes, it could apply for the loan to be forgiven, converting it into a grant.

That was the case with the PPP loan it secured in June which, as it had previously announced, was forgiven in full.

“Cash balances as at 9 April totalled £1m, and will increase to approximately £1.5m when this second draw US PPP loan is received, which is expected later this month,” the board said in its statement.

At 1234 BST, shares in Tricorn Group were up 16.67% at 7p.