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).

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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 has the meaning set forth in Section 3.28.

Examples of PPP Loan in a sentence

• In connection with the PPP Loan, all representations, warranties and certifications of the Company and its officers, managers, directors and employees, if any, to the SBA and/or the PPP Lender were, when made, true, complete and accurate in all material respects.

• At the time of each application for its PPP Loan, the Company was in all material respects eligible to apply for and to receive such PPP Loan and met in all material respects the requirements of receiving such PPP Loan, as promulgated by the SBA.

• The Company received written confirmation from the SBA and the PPP Lender that all amounts under the PPP Loan have been forgiven in full as of July 7, 2021.

• The Company’s incurrence of the PPP Loan was duly authorized by the Company Board and did not violate or cause an event of default to occur under any Contract to which the Company is a party or by which any of its assets or properties are bound.

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 that certain loan in the original principal amount of $650,000.00 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.

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 Paycheck Protection Program loan obtained by the Company under the CARES Act.

PPP Loan means the loan in the original principal amount of $4,614,400 dated April 15, 2020 issued to the Seller pursuant to the Paycheck Protection Program.

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

PPP Loan means the Company’s outstanding loan pursuant to the Paycheck Protection Program under the United States Small Business Administration 7(a) Loan Program, as implemented by the CARES Act, evidenced by that certain Note, dated January 26, 2021, by and between MOSBEST, LLC and City National Bank relating to SBA Loan #6300488309, in the amount of $222,095.00.