Rennova Health Inc (RNVA)

[Backstabbed]

$RNVA - NEW 8K!!! $2,368,000 in Paycheck Protection Program

Item 1.01 Entry Into Material Definitive Agreement.

As of May 7, 2020, Rennova Health, Inc. (the “Company”) and its subsidiaries have received loan proceeds in the aggregate amount of approximately $2,368,000 under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses. A portion of the loans and accrued interest are forgivable after 60 days as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the 60-day period. No collateral or guarantees were provided in connection with the PPP loans.

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