PPP Loan definition

PPP Loan means, with respect to any Target Company, the loan made to the Target Company by a bank pursuant to that certain promissory note under the U.S. Treasury’s Paycheck Protection Program (pursuant to the CARES Act).

PPP Loan means the loan in principal amount of $673,184 issued to the Company by the PPP Lender pursuant to the promissory note dated April 20, 2020.

PPP Loan has the meaning set forth in Section 3.28.

Examples of PPP Loan in a sentence

• In submitting all documentation with respect to, and accepting the proceeds of, the PPP Loan Obligation, the Company provided complete and accurate information and has complied with all of the requirements of the CARES Act, including the eligibility and certification requirements for the PPP Loan Obligation.

• Except for the PPP Loan Obligation, the Company has not applied for or obtained (directly or through another source) any Pandemic-Relief Debt.

• The Company completed the forgiveness process with respect to the PPP Loan Obligation in accordance with the CARES Act requirements, and the PPP Loan Obligation has been forgiven in full by the U.S. Small Business Administration.

• The Company did not use any proceeds under the PPP Loan Obligation for any impermissible purposes.

• The Borrowers will (i) use all of the proceeds of any SBA PPP Loan exclusively for CARES Forgivable Uses in the manner required under the CARES Act, as amended, to obtain forgiveness of the largest possible amount of such SBA PPP Loan and (ii) take all commercially reasonable steps to have the SBA PPP Loans forgiven pursuant to the CARES Act and use commercially reasonable efforts to conduct their business in a manner that maximizes the amount of the SBA PPP Loans that is forgiven.

More Definitions of PPP Loan

PPP Loan means any covered loan obtained under 15 U.S.C. 636(a)(36) (as added to the Small Business Act by Section 1102 of the CARES Act).

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).

PPP Loan means any loan under the Paycheck Protection Program of the U.S. Small Business Administration.

PPP Loan means that certain loan in the original principal amount of $228,464 made by the PPP Lender to the Company pursuant to the Paycheck Protection Program under the CARES Act, and all accrued and unpaid interest thereon and any penalties or premiums which may become payable with respect thereto, which loan is evidenced by that certain Paycheck Protection Program Promissory Note, dated April 20, 2020.

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.

PPP Loan means any loans provided under the CARES Act or any related Laws.

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”).