According to the Prostate Cancer Foundation (PCF) consolidated audit of December 31, 2020 (Note 6, Paycheck Protection Program Loans):
"In April 2020, the Foundation applied for and received a first draw PPP [Paycheck Protection Program] loan in the amount of $820,000. The PPP loan, administered by the Small Business Administration (SBA), bears interest at a fixed rate of 1.0% per annum, has a term of two years, and is unsecured and guaranteed by the SBA. Interest accrues on the loan beginning with the initial disbursement; however, payments of principal and interest are deferred until the lender's determination of the amount of forgiveness applied for by the borrower is approved by the SBA.
"In October 2020, the Foundation submitted its application for forgiveness for the full amount of the PPP loan. In November 2020, the loan was repaid to the lending institution by the SBA and the Foundation accordingly received notification of full forgiveness of the loan and accrued interest. Accordingly, the Foundation recognized debt forgiveness income of $820,000 for the year ended December 31, 2020.
"In January 2021, the Foundation received approval from a lending institution for a second draw PPP loan of $895,750. The same general terms and conditions apply, except that second draw PPP loans have a maturity of five years."
According to the Prostate Cancer Foundation (PCF) consolidated audit of December 31, 2020 (Note 7, Related Party Transactions):
"Since the Foundation's inception in 1993 through December 31, 2020, it has received more than $67,600,000 in contributions from The Michael and Lori Milken Family Foundation, the Milken Family Foundation, and affiliated organizations."
[According to the PCF 2020 tax filing, Michael Milken is listed as "Founder & Chairman" of PCF; Lori Milken is listed as "Director/VP" (IRS Form 990, Part VII, Section A).]
According to the Prostate Cancer Foundation (PCF) 2020 tax filing, PCF reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III):
Regarding nonfixed payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, Line 7):
"The [compensation] committee awarded the discretionary bonuses to the officers and employees based on exceptional individual performance."
PCF reports "Bonus & incentive compensation" payments to eight individuals in 2020, including $620,000 paid to Jonathan W. Simons, M.D., CEO & President, whose reported total compensation in 2020 is $1,358,211. The reported "Bonus & incentive compensation" amounts for the other seven individuals ranged from $35,000 to $9,000, with associated reported total compensation ranging from $512,649 to $193,092 (IRS Form 990, Schedule J, Part II).