ABCO Energy Inc. (ABCE)

[tasari]

Here is the proof many said about those special loans :

1) 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%.

2) On June 29, 2020 the Company entered into a Loan Agreement and executed a Note and a Security Agreement for a loan in the amount of $ 150,000 under the SBA’s Economic Injury Disaster Loan Program . The loan bears interest at 3.75% per annum and is payable over a thirty year period with monthly payments of $731. No payments are due for the first twelve months of the loan. The loan is secured by a pledge of all tangible and intangible personal property owned by the Company or hereafter acquired. The proceeds have been used by the Company entirely for working capital purposes.