Arizona Bankruptcy Judge Paul Sala issued an order declaring that PCT International, Inc. (PCT) is eligible to participate in the U.S. Paycheck Protection Program. SBA had sought to exclude PCT and other companies reorganizing in Chapter 11 from participating in the program. The Court found that Congress clearly set forth the qualifications for a company to participate in PPP and that PCT met those qualifications.
The Paycheck Protection Program (PPP) is one of several programs passed by Congress to alleviate the impacts on small businesses from the COVID-19 public health crisis. The SBA exceeded its authority by attempting to exclude reorganizing companies from the program. The court went on to note that, even if the SBA could add qualifications to the PPP, this proposed rule is contrary to the intent of Congress.
PCT’s General Counsel Douglas Drury stated that “The Court issued a thorough and well-reasoned opinion that fully supports the Congressional intent behind the PPP to assist businesses like PCT impacted by COVID-19.”
PCT International, Inc. is a privately owned company serving a significant segment of the global telecommunications infrastructure. PCT has manufactured over 1,000,000 miles of coaxial cable with its proprietary technology. PCT has also sold over three billion cable connectors around the world. PCT’s patented coaxial cable and connectors have been installed in millions of homes and businesses worldwide. To learn more, visit, http://www.pctinternational.com/our-company/.