Streamline Health Solutions Inc (NASDAQ:STRM), which is involved in assisting healthcare firms with plugging revenue leakages, has seen its stock decline by 3% this morning during the premarket trading period.
The decline in the stock price is possibly related to the announcement from the company yesterday with regards to the receipt of a note from the Western Alliance Bank. The bank had been the lender for Streamline’s $2300600 loan under the Paycheck Protection Program.
In the aforementioned notice, the bank informed that the loan has been forgiven by the United States Small Business Administration. Tee Green, who is the Chief Executive Officer and President of the company, spoke about the development. He stated that the company is grateful for the financial assistance it got due to the CARES Act during the COVID 19 pandemic. He went on to state that the grant from the Paycheck Protection Program helped Streamline to continue to pay its staff despite the crisis wreaked by the pandemic.
As of 6:01, STRM stock fell by 3.21% to $1.81 with more than 12K shares traded in the pre market session.