RESTAURANT REVITALIZATION FUND

12 Months Ended

Dec. 31, 2023

Restaurant Revitalization Fund

RESTAURANT REVITALIZATION FUND

10. RESTAURANT REVITALIZATION FUND

	December 31,		December 31,
	2023		2022
June 1, 2021 (700,454 - Restaurant Revitalization Fund) - JJ	$	-	$	700,454
Total restaurant revitalization fund	$	-	$	700,454
Less - current portion				-
Total restaurant revitalization fund, less current portion	$	-	$	700,454

June 1, 2021 – $700,454 – Global JJ Group, Inc.

On June 1, 2021, Global JJ Group, Inc. (the “JJ”) executed the documents required for securing a Restaurant Revitalization Fund (the “RRF Loan”) of $700,454 from the SBA under the American Rescue Plan Act in light of the impact of the COVID-19 pandemic on the JJ’s business.

The RRF Loan is administered by the SBA. The interest rate of the RRF Loan is 0.00% per annum and accrues on the unpaid principal balance computed on the basis of the actual number of days elapsed in a year of 365 days. No later than March 11, 2023 (the “Maturity Date”), the Company is required to pay the Lender any unused funds as well as any funds used for non-eligible expenses. The RRF Loan contains customary events of default relating to, among other things, payment defaults, making materially false or misleading representations to the SBA or the Lender, or breaching the terms of the RRF Loan. The occurrence of an event of default may result in the repayment of all amounts outstanding under the RRF Loan, collection of all amounts owing from the Company, or filing suit and obtaining judgment against the Company. Under the terms of the American Rescue Plan Act, RRF loan recipients can apply for and be granted forgiveness for all or a portion of the funds granted. Such forgiveness will be determined, subject to limitations, based on the use of the loan proceeds for payments of payroll costs, business mortgage obligation, rent, debt, utility, maintenance, construction of outdoor seating, supplies, food and beverage, supplier costs, and other business operating expenses.

On November 28, 2023, $700,454 in principal was forgiven by the SBA.

As of December 31, 2023, none of the notes payables, loans payables are in default.

Total interest expense was $0 and $0 for the years ended December 31, 2023 and 2022, respectively.