TSR Inc. (NASDAQ: TSRI) reported it received a loan of almost $6.7 million under the Paycheck Protection Program, or PPP, that Congress approved under the Coronavirus Aid, Relief and Economic Security Act, according to a filing with the US Securities and Exchange Commission.

TSR received the loan through JPMorgan Chase Bank. The two-year loan has an annual interest rate of 0.98% and payments of principal and interest will be deferred for the first six months of the term of the loan.

Under the terms of the law, loan recipients can receive forgiveness for all or a portion of the loan. That forgiveness will be determined based on the use of loan proceeds for payroll costs and mortgage interest, rent or utility costs and the maintenance of employee and compensation levels, according to TSR. The company reported there is no assurance it will get forgiveness of the loan in whole or in part.