FuelCell Energy Under Investigation for PPP Loan
Howard Smith, 19 June 2020
Connecticut-based FuelCell Energy (NASDAQ:FCEL) is being investigated by the Securities and Exchange Commission (SEC) over its acceptance of a $6.5 million CARES Act PPP loan. The PPP program allocated up to $349 billion to help small businesses affected by closures due to the COVID-19 pandemic. The intent was to help the businesses maintain employees on the payroll for up to eight weeks, including providing benefits. Companies were also permitted to use the funds for rents, utilities, and mortgages.
FuelCell Energy is now being investigated over its application for, and acceptance of, a $6.5 million loan in April, according to a Financial Times report. The company said the information request from the SEC was voluntary, and that it is cooperating with the investigation, according to the report.
