PPP Loan definition

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 the loan made to the Company by the PPP Lender pursuant to the PPP Loan Agreement, for the principal amount of $905,207.00, pursuant to the requirements of the Paycheck Protection Program under the CARES Act.

PPP Loan has the meaning set forth in Section 3.28.

Examples of PPP Loan in a sentence

• All amounts of the PPP Loan have been provided full forgiveness by the PPP Lender and the SBA.

• In determining to apply for the PPP Loan, the Company examined and reasonably determined that securing other sources of liquidity would have been substantially detrimental to the Company.

• The original principal amount of the PPP Loan was accurately calculated in accordance with the Paycheck Protection Program, including the determination of the Company's employee count and payroll costs, and there is no basis for the SBA, the PPP Lender or any other Person to contest that the original principal amount of any PPP Loan was in excess of the amount permitted under the Paycheck Protection Program.

• The Company used the proceeds of the PPP Loan strictly in accordance with the Paycheck Protection Program and, to the to the Seller's Knowledge.

• The Company submitted, or otherwise provided, only truthful and accurate information, including truthful certifications, in its application for the PPP Loan.

More Definitions of PPP Loan

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 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 loan made by a U.S. Small Business Administration (“SBA”) qualified lender to a Credit Party and guaranteed by the SBA pursuant to the Paycheck Protection Program provisions of 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 specified in Section 4.9.

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

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”).