AI
Friday, August 07, 2020 4:40:51 PM
On May 3, 2020, Company entered into a promissory note evidencing an unsecured loan in the amount of $124,099.00 made to the Company under the Paycheck Protection Program (the “Loan”). The Paycheck Protection Program (or “PPP”) was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), and is administered by the U.S. Small Business Administration. The Loan to the Company is being made through Bank of America, N.A., a national banking association (the “Lender”). The interest rate on the Loan will not exceed 1.00%.
So they had the note in the beginning of the year for 9 months...
But they got another $124,099 as "corona" loan, with interest rate very low. This is the good news for the notes that was going to expire
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