(Exact name of registrant as specified in its charter.)
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
(Address of principal executive offices)
(Registrant's Telephone number)
(Former Name or Former Address, if Changed Since Last Report)
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FTLF
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The information set forth below under Item 2.03 is hereby incorporated by reference into this Item 1.01.
On April 27, 2020, Fitlife Brands, Inc. (the "Company"), received approval to enter into a U.S. Small Business Administration ("SBA") Note Payable Agreement (the "PPP Loan") with CIT Bank, N.A. (the "Lender"), pursuant to the Paycheck Protection Program ("PPP") of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") as administered by the SBA (the "Loan Agreement").
The PPP Loan provides for working capital to the Company in the amount of approximately $449,700. The PPP Loan will mature on April 27, 2022, and will accrue interest at a rate of 1.00% per annum. Payments of principal and interest will be deferred for six months from the date of the PPP Loan, or until November 27, 2020. Interest, however, will continue to accrue during this time.
The PPP Loan was made under the Paycheck Protection Plan (15 U.S.C. 636(a)(36)) enacted by Congress under the CARES Act. The CARES Act (including the guidance issued by SBA and U.S. Department of the Treasury related thereto) provides that all or a portion of the PPP Loan may be forgiven upon request from the Company to Lender, subject to requirements in the PPP Loan and the CARES Act.
The foregoing summary of the PPP Loan is qualified in its entirety by reference to the Loan Agreement, which is attached as Exhibit 10.1 hereto.
See Exhibit Index.
Exhibit No. | Description | |
Note Payable Agreement by and between FitLife Brands, Inc. and CIT Bank, N.A. dated April 27, 2020. |
FitLife Brands, Inc. |
By: | /s/ Dayton Judd |
Name: Dayton Judd | |
Title: Chief Executive Officer |