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OTHER NOTES PAYABLE
6 Months Ended
Oct. 31, 2020
OTHER NOTES PAYABLE  
NOTE 10 - OTHER NOTES PAYABLE

With an effective date of April 20, 2020, a loan to the Company was approved under the terms and conditions of the Paycheck Protection Program of the United States Small Business Administration (“SBA”) and the CARES Act (2020) (H.R. 748) (15 U.S.C. 636 et seq.) ( the “Act” ) in the amount of $167,900 and was funded on April 21, 2020.  The loan may be forgiven pursuant to the provisions of the Act.  PPP loan payable had a balance of $167,900 as of Octo ber 31, 2020 and April 30, 2020.

 

On July 14, 2020, the Company received $10,000 pursuant to the SBA’s Express Bridge Loan Pilot Program.  This program allows small businesses who have a business relationship with an SBA Express Lender to access up to $25,000 quickly.  The funds were advanced to the Company since it has applied for an Economic Injury Disaster Loan (“EIDL”).  The loan had a balance of $10,000 as of October 31, 2020 and is to be repaid in full by proceeds from the EIDL.