Replies to post #11332 on Transportation and Logistics Systems Inc (TLSS)

[cjstocksup]

TLSS has received a total of 3,446,152 dollars from the CARES act under Small Business Administration on April 15,2020 and April 28, 2020 Filings below:
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Item 1.01 Entry Into a Material Definitive Agreement



"On April 8, 2020, Prime EFS, 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 $2,941,212.50 (the “Loan”). On April 15, 2020, the Loan was approved and Borrower received the Loan proceeds on April 22, 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."


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.