NEW YORK (Reuters) - Zagg inc (O:ZAGG), a maker of screen protectors for mobile devices, said on Friday it plans to keep a $9.5 million loan granted under Treasury's Payroll Protection Program (PPP), a day after new guidance that publicly traded firms would have a hard time proving they really needed the coronavirus relief funds.
"These funds will play a critical role in ensuring we have our team in place as the economy reopens," a spokesman for Zagg said in an emailed statement.
U.S. companies on Thursday began refusing government loans they were just awarded, after the Treasury Department updated its guidance.