Transportation and Logistics Systems Inc (TLSS)

[DUCMAN123]

Item 1.01 Entry Into a Material Definitive Agreement



On April 8, 2020, ShypDirect, LLC (“Borrower”), a wholly owned subsidiary of Transportation and Logistics Systems, Inc. (the “Company”), applied to M&T Bank (“Lender”) under the Small Business Administration (the “SBA”) Paycheck Protection Program of the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act”) for a loan of $504,940 (the “Loan”). On April 28, 2020, the Loan was approved and Borrower received the Loan proceeds on May 1, 2020, which Borrower plans to use for covered payroll costs, rent and utilities in accordance with the relevant terms and conditions of the CARES Act.