AMAX Holdings' (TPE:6933) subsidiary, AMAX Engineering, reached a settlement agreement with the US Small Business Administration (SBA) over a review of a Paycheck Protection Program Loan, according to a Wednesday Taiwan Exchange filing.

The unit had obtained a second-draw loan under the program in 2021, while the SBA later approved for full forgiveness before conducting a follow-up review in 2026.

The no-admission settlement resolves the issue.

The industrial and construction machinery maker had recognized a refund payable and related expenses of around NT$79.6 million in its financial statements for the period ended June 30, which is not materially different from the final settlement amount.