Scholarship America

According to the Scholarship America audit of December 31, 2020 (Note 7, Paycheck Protection Program Note Payable):

"On April 9, 2020, Scholarship America entered into a new loan facility with Bremer Bank, NA under the government enacted Paycheck Protection Program (PPP) (part of the Coronavirus Aid, Relief and Economic Stability Act) administered by the Small Business Administration. Scholarship America borrowed $2,229,200 under the loan facility. The loan carries a fixed interest rate of 1 percent and matures on April 9, 2022. No payments were required for the first six months. Subsequent regulations deferred payments until the date on which the amount of forgiveness is remitted to the lender or, if Scholarship America fails to apply for forgiveness within ten months after the covered period, then payment of principal and interest shall begin on that date. Borrowings under this facility are unsecured. Loans under the PPP have a loan forgiveness feature based on the level of payroll, rent and utilities costs over a twenty-four week period commencing on the date of the loan. The PPP loan is recorded as a refundable advance in the December 31, 2020 statement of financial position. Scholarship America applied for forgiveness in December 2020 and has not received notification of forgiveness."