Cumberland Pharmaceuticals gets PPP funding

Cumberland Pharmaceuticals on Monday received a loan for nearly $2.2 million through the Paycheck Protection Program run by the U.S. Small Business Administration.

West End-based Cumberland, which owns a portfolio of specialty drugs focused on acute care and gastroenterology, went through Pinnacle Bank for the funding, which is part of the federal CARES Act passed late last month. The loan, which is for two years and carries a 1 percent interest rate, can be converted to a grant if borrowers use it mainly to cover payroll and employee benefit expenses, which Cumberland executives said in a regulatory filing they intend to do.