Vehicle-tracking company CalAmp Inc. has returned a $10 million SBA loan obtained through JP Morgan Chase under the Paycheck Protection Program for small businesses hurt by the coronavirus pandemic.
The partially forgivable loans to publicly listed companies led to an outcry of opposition prompting some, including CalAmp, to give the money back.
The Irvine-based telematics maker told the Securities and Exchange Commission on Monday it sought the loan believing “it qualified to receive the funds pursuant to the PPP,” but later U.S. Treasury Dept. guidance created uncertainty on that. It returned the money “out of an abundance of caution and in light of the new guidance.”
CalAmp (Nasdaq: CAMP) shares traded recently at a $217 million market cap.
