U.S. AUTO PARTS NETWORK, INC. (NASDAQ:PRTS) Files An 8-K Other Events

ME Staff 8-k
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U.S. AUTO PARTS NETWORK, INC. (NASDAQ:PRTS) Files An 8-K Other Events

U.S. AUTO PARTS NETWORK, INC. (NASDAQ:PRTS) Files An 8-K Other Events
Item 8.01.    Other Events.

On April 10, 2020, U.S. Auto Parts Network, Inc. (the “Company”), received loan proceeds of $4,107,388 (the “PPP Loan”) from JPMorgan Chase Bank, N.A. to the Small Business Association (“SBA”) Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act. At the time the Company applied for the PPP Loan, it believed it qualified to receive the funds to the PPP. On April 23, 2020, the SBA, in consultation with the Department of Treasury, issued new guidance that creates uncertainty regarding the qualification requirements for a PPP loan. Out of an abundance of caution and in light of the new guidance, the Company determined it appropriate to repay the principal and interest on the PPP Loan.

About U.S. AUTO PARTS NETWORK, INC. (NASDAQ:PRTS)

U.S. Auto Parts Network, Inc. is an online source for automotive aftermarket parts and repair information. The Company is an online provider of aftermarket auto parts, including collision parts, engine parts, and performance parts and accessories. Its Websites provide a range of stock keeping units (SKUs) with detailed product descriptions and photographs. The Company operates through two segments: Base USAP, which is the core auto parts business, and AutoMD, an online automotive repair source. The Company offers a range of aftermarket auto parts. The Company classifies its products into three categories: collision parts serving the collision repair segment, engine parts to serve the replacement/wear parts market, and performance parts and accessories. The Company sells its products through its network of Websites and online marketplaces, including www.autopartswarehouse.com, www.carparts.com, www.jcwhitney.com and www.AutoMD.com.