In answer to inquiry about PPP loans: Paul,
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Posted On: 05/29/2024 2:29:25 PM
In answer to inquiry about PPP loans:
Paul,
The correct amount that is owed in our opinion is around $27,000, which is the balance on the second PPP. We’re disputing the $150,100 balance on the first PPP. The loan proceeds were used in accordance with the terms of the Coronavirus Aid, Relief, and Economic Security Act. We provided documentation to the Lender supporting forgiveness that includes use of the loan proceeds.
The following gives a better glimpse of the numbers:
Terms PPP Loan #1 PPP Loan #2 Total
Issuance Date of Notes April 29,2020 April 5, 2021
Maturity Date April 29,2022 April 5, 2026
Interest Rate 1% 1%
Collateral Unsecured Unsecured
Balance Dec. 31, 2021 $150,100 $150,100
Proceeds from Notes _________ $150,100 $150,100
Balance Dec. 31, 2022 $150,100 $150,100 $300,200
Debt Forgiveness $0_______ ($123,183) $123,183
Balance Dec. 31, 2023 $150,100 $ 26,917 $177,017
The Balance Sheet will continue to show $177,017 until such a time a settlement is reached.
Mngt.
Paul,
The correct amount that is owed in our opinion is around $27,000, which is the balance on the second PPP. We’re disputing the $150,100 balance on the first PPP. The loan proceeds were used in accordance with the terms of the Coronavirus Aid, Relief, and Economic Security Act. We provided documentation to the Lender supporting forgiveness that includes use of the loan proceeds.
The following gives a better glimpse of the numbers:
Terms PPP Loan #1 PPP Loan #2 Total
Issuance Date of Notes April 29,2020 April 5, 2021
Maturity Date April 29,2022 April 5, 2026
Interest Rate 1% 1%
Collateral Unsecured Unsecured
Balance Dec. 31, 2021 $150,100 $150,100
Proceeds from Notes _________ $150,100 $150,100
Balance Dec. 31, 2022 $150,100 $150,100 $300,200
Debt Forgiveness $0_______ ($123,183) $123,183
Balance Dec. 31, 2023 $150,100 $ 26,917 $177,017
The Balance Sheet will continue to show $177,017 until such a time a settlement is reached.
Mngt.
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