PPP Loan
Note · Luvu Brands, Inc.
Reference: PPP Loan
- Original principal
- USD 1,096,200
- Outstanding
- —
- Commitment
- —
- Availability
- —
- Maturity
- Apr 26, 2022
Last reported interest terms: 1% 1.0% per annum Reported 2020-04-28 Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
Documents and filing history
- Issuance · 8-K · 2020-04-28 — CURRENT REPORT
-
Issuance
· 2020-04-26
Original principal USD 1,096,200 Exact source document
Parent 8-K filing · 2020-04-28
On April 26, 2020, Luvu Brands, Inc. (the “Company”) entered into a promissory note in the principal amount of $1,096,200 (the “PPP Loan”) in favor of Ameris Bank (the “Lender”) pursuant to the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act, administered by the U.S. Small Business Administration (“SBA”). The PPP Loan matures on April 26, 2022 and bears interest at a rate of 1.0% per annum. Commencing November 27, 2020, the Company is required to pay the Lender equal monthly payments of principal and interest as necessary to fully amortize the principal amount outstanding by the maturity date. The PPP Loan may be prepaid by the Company at any time prior to maturity with no prepayment penalties. The PPP Loan is unsecured and is a non-recourse obligation. All or a portion of the PPP Loan may be forgiven upon application to the Lender during the 8-week period beginning on the date of first disbursement for certain expenditure amounts, including payroll costs, in accordance with the requirements under the PPP. In the event all or any portion of the PPP Loan is forgiven, the amount forgiven is applied to outstanding principal. The foregoing description of the PPP Loan is qualified in its entirety by reference to the U.S. Small Business Administration Note filed as an exhibit hereto and incorporated herein by reference.
Issuer evidence: On April 26, 2020, Luvu Brands, Inc. (the “Company”) entered into a promissory note in the principal amount of $1,096,200 (the “PPP Loan”) in favor of Ameris Bank (the “Lender”) pursuant to the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act, administered by the U.S. Small Business Administration (“SBA”).
Supporting evidence: On April 26, 2020, Luvu Brands, Inc. (the “Company”) entered into a promissory note in the principal amount of $1,096,200 (the “PPP Loan”) in favor of Ameris Bank (the “Lender”) pursuant to the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act, administered by the U.S. Small Business Administration (“SBA”).
Supporting evidence: On April 26, 2020, Luvu Brands, Inc. (the “Company”) entered into a promissory note in the principal amount of $1,096,200 (the “PPP Loan”) in favor of Ameris Bank (the “Lender”) pursuant to the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act, administered by the U.S. Small Business Administration (“SBA”).