PPP Loan definition

PPP Loan means a loan incurred by a Person under 15 U.S.C. 636(a)(36) (as added to the Small Business Act (15 U.S. Code Chapter 14A – Aid to Small Business) by Section 1102 of the CARES Act).

PPP Loan has the meaning set forth in Section 3.28.

PPP Loan means (i) any covered loan under paragraph (36) of Section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as added by Section 1102 of the CARES Act, or (ii) any loan that is an extension or expansion of, or is similar to, any covered loan described in clause (i).

Examples of PPP Loan in a sentence

• Those legal obligations require calculation of a PPP Loan credit which must be included in the Indirect Cost Rate (referred to in this section as an “Impacted Rate”).

• Under this Contract, an accepted Impacted Rate will apply during the CONSULTANT’s (or subconsultant’s) “Recovery Period,” which is the shorter of the following time periods: (i) the time period necessary to recover the required credit amount of the CONSULTANT‘s (or the subconsultant’s) forgiven PPP Loan (or other repayment obligation); or (ii) 365 days after the date when the DEPARTMENT approved the CONSULTANT’s (or the subconsultant’s) Impacted Rate.

• If this section applies, the CONSULTANT, for itself and its subconsultants, must comply with this section to provide for a PPP Loan recovery in compliance with 48 C.F.R. 31.201-5, Utah Code § 72-2-113(3), and other applicable law and guidance.

• On June 15, 2021, ITsavvy received notice from the PPP Lender that the PPP Loan was forgiven in full and that the PPP Lender had received remittance from the Small Business Association of the full forgiveness amount.

• The Company has provided the Buyer with correct and complete copies of ITsavvy’s application for the PPP Loan, the PPP Note, ITsavvy’s application for forgiveness of the PPP Loan and all other material documents submitted, entered into by or binding on ITsavvy in connection with the PPP Loan or the forgiveness thereof (collectively, the “PPP Loan Documents”).

More Definitions of PPP Loan

PPP Loan has the meaning set forth in Section 4.22.

PPP Loan means the PPP loan of $735,552 under the Promissory Note dated as of April 14, 2020 executed by the Company in favor of Bank of America, N.A.

PPP Loan means a Paycheck Protection Program Loan pursuant to Section 1102 of the CARES Act.

PPP Loan means any loan originated or purchased by Borrower or its Subsidiaries pursuant to 15 U.S.C. 636(a)(36) (as added to the Small Business Act by Section 1102 of the CARES Act), as in effect on the Third Amendment Effective Date.

PPP Loan means the Business Loan Agreement, entered into between the Company and Zions Bancorporation, N.A. dba California Bank & Trust, dated April 15, 2020, and the Promissory Note, entered into between the Company and Zions Bancorporation, N.A. dba California Bank & Trust, dated April 15, 2020, in the principal amount of $4,204,300 and issued pursuant to the U.S. Paycheck Protection Program.

PPP Loan means the loan in the original principal amount of $1,000,000 obtained by Marlboro from Peoples United Bank (the “Bank”) on or about April 9, 2020 pursuant to the Paycheck Protection Program of the U.S. Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “CARES Act”).

PPP Loan means the loan the Company received on or about April 8, 2020, in the original principal amount of $2,063,100, plus all interest accrued thereon, under the Paycheck Protection Program administered by the U.S. Small Business Administration and pursuant to the Coronavirus Aid, Relief, and Economic Security Act.