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H-Source Holdings Ltd. Announces Paycheck Protection Program Promissory Note
H-Source Holdings Ltd. Announces Paycheck Protection Program Promissory Note.
About this update from H-source Holdings Ltd
[{"type":"text","content":"\n\n\n\nH-Source Holdings Ltd. Announces Paycheck Protection Program Promissory Note\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nH-Source Holdings Ltd. Announces Paycheck Protection Program Promissory Note\nCanada NewsWire\nVANCOUVER, May 6, 2020\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES/\n VANCOUVER, May 6, 2020 /CNW/ - H-Source, Inc. the wholly owned subsidiary and operating entity of H-Source Holdings Ltd. (TSX-V: HSI; OTCQB: HSCHF) (the \"Company\" or \"H-Source\") entered into an unsecured promissory note (the \"Note\") with Washington Trust Bank as the lender in the principal amount of $211,800. The Note was obtained pursuant to the Paycheck Protection Program (the \"PPP\") of the Coronavirus Aid, Relief, and Economic Security Act (the \"CARES Act\") administered by the U.S. Small Business Administration (\"SBA\"). The Note is dated May 5, 2020 and matures two years from the disbursement date. The Note bears interest at a rate of 1.00 % per annum, which shall be deferred for the first six months of the term of the Note. After the initial deferral period, the Note requires monthly payments of principal and interest until maturity with respect to any portion of the Note which is not forgiven as described below. The Company is permitted to prepay or partially prepay the PPP Note at any time with no prepayment penalties.  \nUnder the terms of the CARES Act, PPP loan recipients can apply for, and be granted forgiveness for all or a portion of loans granted under the PPP. Such forgiveness will be determined, subject to limitations and ongoing rule making by the SBA, based on the use of loan proceeds for payroll costs, including payments required to continue group health care benefits, and certain rent, utility, and mortgage interest costs and the maintenance of employee and compensation levels. While there is no assurance the Company will obtain forgiveness of the PPP loan in whole or in part, the Company intends to use the proceeds of the Note for qualifying expenses.\nOn behalf of the board ...