Item 8.01. Other Events.

As previously announced, on April 20, 2020, IDT Domestic Telecom, Inc. (the "Borrower"), a subsidiary of IDT Corporation, received loan proceeds of $10,000,000 (the "PPP Loan") from TD Bank, N.A, pursuant to the Paycheck Protection Program (the "PPP") under Division A, Title I of the CARES Act, which was enacted March 27, 2020.

On April 26, 2020, the Borrower announced that it was returning all $10,000,000 in proceeds from the PPP Loan.

IDT Corporation stated that, in light of the oversubscription of applications for loans under the PPP, and despite its need for the funds to support operations, it is returning the loan proceeds in order to make those funds available to other borrowers that may be in greater need than the Borrower.


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