IDT CORPORATION (NYSE:IDT) Files An 8-K Other Events
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, 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.

About IDT CORPORATION (NYSE:IDT)

IDT Corporation is a holding company with operations primarily in the telecommunications and payment industries. The Company’s segments include Telecom Platform Services, Consumer Phone Services and All Other. The Company’s Telecom Platform Services segment provides retail telecommunications and payment offerings, as well as wholesale international long distance traffic termination. The Telecom Platform Services segment markets and distributes multiple communications and payment services across four businesses: Retail Communications, Wholesale Carrier Services, Payment Services and Hosted Platform Solutions. The Company’s Consumer Phone Services segment provides consumer local and long distance services in certain states of the United States. The Telecom Platform Services and Consumer Phone Services segments comprise the Company’s IDT Telecom division. The All Other segment includes its real estate holdings and other smaller businesses.