Transportation and Logistics Systems Inc (TLSS)

[OMOLIVES]

Well ..."the new loan is for prime efs, llc. it's to be used for THAT business"

Show me where it states specifically how they need to use that money:

Business Purpose. The Loan proceeds shall be used only for a business purpose and pursuant to, and in accordance with, the terms of the Paycheck Protection Program. Borrower acknowledges that at least 75 percent of the Loan proceeds must be used for payroll costs.

Loan Forgiveness under the Paycheck Protection Program. The Loan amount may be eligible for forgiveness pursuant to the Paycheck Protection Program, which minimally requires (1) at least 75% of the loan proceeds are used to cover payroll costs and the remainder is used for mortgage interest, rent and utility costs over the 8 week period after the loan is made, and (2) the number of employees and compensation levels are generally maintained. Additional requirements may apply. Further details on how to request loan forgiveness shall be made available to you upon further guidance from the SBA.

-8 week period(two months)
-leaves them with $400k minimal to explore

And what you are forgetting is that it frees up the cash that is generally used to pay rent..and payroll! You are talking blah..blah...and not meat and potatoes my friend!



https://www.sec.gov/Archives/edgar/data/1463208/000149315220007116/ex10-1.htm