AIR T INC : Termination of a Material Definitive Agreement (form 8-K)

Published: 2021-09-23 16:14:06 ET AIRT

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.