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Paycheck Protection Program (PPP) loan

6 Months Ended

Jun. 30, 2021

Paycheck Protection Program Ppp Loan

Note 6. Paycheck Protection Program (PPP) loan

On May 7, 2020 the Company was granted a $568,131 loan under the PPP administered by a Small Business Administration (SBA) approved partner. The loan, which matures in two years, is uncollateralized and is fully guaranteed by the Federal government. The Company is eligible for loan forgiveness of up to 100% of the loan, upon meeting certain requirements. On May 20, 2021 the loan for $568,131 was legally released and forgiven by the SBA. Forgiveness income of $568,131 has been recorded for the three and six months ended June 30, 2021.

On January 27, 2021, the Company was granted a second $568,131 loan under the PPP administered by an SBA approved partner. The loan, which matures in five years, at an interest rate of 1%, and is uncollateralized and is fully guaranteed by the Federal government. The deferral period is 24 weeks plus 10 months from the loan note date. The Company is eligible for loan forgiveness of up to 100% of the loan, upon meeting certain requirements. The Company has recorded a note payable and will record the forgiveness upon being legally released from the loan obligation by the SBA. The Company will be required to repay any remaining balance, plus interest accrued at 1 percent, in monthly payments commencing upon notification that the loan will not be forgiven or only partially forgiven.

The repayment for the PPP loan as of June 30, 2021, are as follows:

	Total Repayment
Years ending December 31,
2021 (six months remaining)	$	-
2022		90,384
2023		154,945
2024		154,945
2025		154,945
Later years		12,912
Repayment of debt	$	568,131

Barfresh Food Group Inc.

Notes to Condensed Consolidated Financial Statements

June 30, 2021

(Unaudited)