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NOTE PAYABLE
12 Months Ended
Dec. 31, 2021
NOTE PAYABLE  
NOTE PAYABLE

NOTE 8 - NOTE PAYABLE

 

On April 30, 2020 Elite Beverage International was approved for a loan for $201,352 through the Payment Protection Program with an interest of 0.98% per annum and a maturity date of April 23, 2022. Forgiveness in the amount of $105,868 was given on September 2, 2021.

 

As of February 9, 2022 The SBA has paid off the balance of the PPP loan with the lendor. The company is waiting for formal confirmation from the SBA on the status of the loan balance.

 

During the year of 2021, the Company received $24,000 proceeds from a non-convertible, non-interest bearing loan from a non-related party that was repaid in full on November, 5 2021.