Item 8.01. Other Events.
As previously reported in the Current Report on Form 8-K filed on April 20, 2020
by Accelerate Diagnostics, Inc. (the "Company"), on April 14, 2020, the Company
entered into a promissory note (the "Note") evidencing an unsecured loan (the
"Loan") in the principal amount of $4,780,600 made to the Company under the
Paycheck Protection Program (the "PPP"). The PPP was established under the
Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") and is
administered by the U.S. Small Business Administration. The Loan to the Company
was made through Zions Bancorporation, N.A. dba National Bank of Arizona (the
"Lender").
Pursuant to the terms of the CARES Act and the PPP, the Company may apply to the
Lender for forgiveness for the amount due on the Loan. The amount eligible for
forgiveness is based on the amount of Loan proceeds used by the Company (during
the 24-week period after the Lender makes the first disbursement of Loan
proceeds) for the payment of certain covered costs, including payroll costs
(including benefits), rent and utilities, subject to certain limitations and
reductions in accordance with the CARES Act and the PPP.
During January 2021, the Company submitted its application for forgiveness to
the Lender. On July 15, 2021, the SBA informed the Company of its full
forgiveness for the entire Loan amount plus accrued interest. The SBA's
determination of loan forgiveness does not preclude further investigation by the
SBA according to its rules and regulations at a future date.
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