Air T Inc 8-K, filed Sep 23, 2021
Air T Inc (AIRT)
8-K
2021-09-23
For: 2021-09-23
View Original
Added on
April 09, 2026
About this 8-K
Air T Inc filed this 8-K on September 23, 2021.
Items reported
- Item 1.02: Ended a material agreement
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): September 23, 2021
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Item 1.02 Termination of a Material Definitive Agreement
On September 22, 2021, Air T, Inc. (the “Company”) received notice from Minnesota Bank & Trust (“MBT”), the lender to the Company under the Paycheck Protection Program (“PPP”), as described below, that MBT had received confirmation dated September 20, 2021 from the U.S. Small Business Administration (“SBA”) that the application for forgiveness of the Company’s PPP loan (the “PPP Loan”) had been approved. The loan forgiveness request in the amount of $8,215,100 was applied to the Company’s entire outstanding PPP Loan balance with MBT.
On April 8, 2020, the Company entered into the PPP Loan under the PPP and received loan proceeds of $8,215,100. The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act, provided for loans to qualifying companies and is administered by the SBA. Under the PPP, the SBA was given the authority to forgive loans provided the loan proceeds were used for payroll and related payroll costs and any payments of mortgage interest, rent and utilities.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 23, 2021 .
AIR T, INC.
By: /s/ Brian Ochocki
Brian Ochocki, Chief Financial Officer