Technical Communications Corporation announced that on February 1, 2021, the Company received a loan from bankHometown under the U.S. Small Business Administration's Paycheck Protection Program as authorized under the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act”). The loan, evidenced by a promissory note, is in the principal amount of $474,400 and all or a portion of the loan is expected to be forgiven under the provisions of the Economic Aid Act. Any portion of the loan that is not eligible to be forgiven will be paid back over five years at an interest rate of 1% per year. 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 24 week period after the loan is made. The Company expects to use the loan proceeds for payroll, rent and utilities.