PPP Loans definition

PPP Loans means any and all Paycheck Protection Program loans under the Small Business Administration 7(a) loan program received by the Seller in connection with the CARES Act, as supplemented by the Paycheck Protection Program and Health Care Enhancement (PPPHCE) Act.

PPP Loans means unsecured “Paycheck Protection Program” loans in an aggregate principal amount of $9,270,009 incurred by the PPP Borrowers and advanced by (i) any Governmental Authority (including the SBA) or any other Person acting as a financial agent of a Governmental Authority or (ii) any other Person to the extent such Debt under this clause (ii) is guaranteed by a Governmental Authority (including the SBA), in each case, pursuant to the CARES Act.

PPP Loans means (a) that certain Note, dated April 17, 2020, by and between Telkonet and the PPP Lender and (b) that certain Note, dated April 26, 2021 by and between Telkonet and the PPP Lender.

Examples of PPP Loans in a sentence

• FTE and Salary/Wage Reductions: Borrowers that received a PPP loan of more than $50,000 and Borrowers of $50,000 or less that together with their affiliates received First Draw PPP Loans totaling $2 million or more or Second Draw PPP Loans totaling $2 million or more must adjust their “Requested Loan Forgiveness Amount” due to statutory requirements concerning reductions in either full-time equivalent employees or employee salary and wages.

• Different eligibility requirements apply to Second Draw PPP Loans.

• If Borrower Received PPP Loans in Excess of $2 Million: Check the box if the Borrower, together with its affiliates (to the extent required under SBA’s interim final rule on affiliates (85 FR 20817 (April 15, 2020)) and not waived under 15U.S.C. 636(a)(36)(D)(iv)), received PPP loans with an original principal amount in excess of $2 million.

• See FAQ #63 and subsection (c) of the interim final rule for Second Draw PPP Loans.

• For all other PPP Loans, the initial Forms 1502 are due within 20 calendar days after the PPP loan is approved.

More Definitions of PPP Loans

PPP Loans means, individually or collectively as the context may require, (1) that certain Note, dated as of May 1, 2020, by Deep Space Systems Inc. in favor of Customers Bank, in an aggregate principal amount equal to $1,057,500, (2) that certain Promissory Note, dated as of April 15, 2020, by Made In Space, Inc. in favor of Bank of America, N.A., in an aggregate principal amount equal to $1,462,639, (3) that certain Promissory Note, dated as of April 15, 2020, by Roccor, LLC in favor Citywide Banks, in an aggregate principal amount equal to $910,900 and (4) any other “paycheck protection program” that Parent or any Restricted Subsidiary applies for and obtains under the Coronavirus Aid, Relief and Economic Security Act (H.R. 748) (as in effect on the Closing Date and as may be amended or succeeded from time to time).

PPP Loans means any loans or advances made to the Company under the Paycheck Protection Program a part of Public Law No: 116-135, also known as the Coronavirus Aid, Relief and Economic Security (CARES) Act.

PPP Loans. (i) the 2020 PPP Loan, and (ii) the 2021 PPP Loan.

PPP Loans means, collectively, the First PPP Loan and the Second PPP Loan.

PPP Loans means those loans generated under the federal Paycheck Protection Program promulgated pursuant to the Coronavirus Aid, Relief and Economic Security Act (CARES) Act and the Consolidated Appropriations Act, 2021.

PPP Loans means (i) Loan #554627 issued to IAG, with a principal amount of $70,300.00, (ii) Loan #554338 issued to IRS, with a principal amount of $34,400.00 and (iii) Loan # 555120 issued to IGE, with a principal amount of $339,300.00.

PPP Loans means, individually and collectively as the context so requires, (a) that certain loan in the original principal amount of three million four hundred ten thousand dollars ($3,410,000.00) obtained by Greenside Healthcare Properties, LLC from PPP Lender pursuant to the SBA’s Payment Protection Program, as evidenced by that certain U.S. Small Business Administration Note, dated as of April 15, 2020, by and between Greenside Healthcare Properties, LLC and PPP Lender, and (b) that certain loan in the original principal amount of three million five hundred fifty thousand dollars ($3,550,000.00) obtained by IANE Properties I, LLC from PPP Lender pursuant to the SBA’s Payment Protection Program, as evidenced by that certain U.S. Small Business Administration Note, dated as of April 22, 2020, by and between IANE Properties I, LLC and PPP Lender.