CONCORD, Mass., April 22, 2020 (GLOBE NEWSWIRE) -- Technical Communications Corporation (NasdaqCM: TCCO) today announced that on April 17, 2020, the Company entered into a loan agreement with the U.S. Small Business Administration under its Paycheck Protection Program as authorized under the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The loan is in the amount of $474,400 and a portion of the loan is expected to be forgiven under the provisions of the CARES Act. Any portion of the loan that is not eligible to be forgiven will be paid back over two years at an interest rate of 1% beginning six months from the date of the loan.

Commenting on the good news, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, "During this difficult time for the country, we are delighted that we were able to collaborate with BankHometown to obtain this loan, which will assist the Company in retaining its employees. The retention of our employees is essential for us to respond to the strong interest from our customers, despite certain order activity being delayed due to COVID-19."

Under the provisions of the Paycheck Protection Program, the loan amount will be forgiven as long as the loan proceeds are used to cover payroll costs, interest on mortgages, rent, and utility costs over the 8 week period after the loan is made, and employee and compensation levels are maintained. The Company expects to use the loan proceeds for payroll, rent and utilities.

About Technical Communications Corporation

For over 50 years, TCC has specialized in superior-grade secure communications systems and customized solutions, supporting our CipherONE^® best-in-class criteria, to protect highly sensitive voice, data and video transmitted over a wide range of networks. Government entities, military agencies and corporate enterprises in 115 countries have selected TCC's proven security to protect their communications. Learn more: www.tccsecure.com.