Long Term Notes Disclosure

6 Months Ended

Jun. 30, 2021

Notes

Long Term Notes Disclosure

6. Long Term Notes

On September 15, 2020, the Company received an Economic Injury Disaster Loan (“EIDL” or the “Loan”) from the Small Business Administration (“SBA”), in the amount of $78,200. After a processing fee, net proceeds were $78,100 under the terms. The Loan, which is in the form of a promissory note dated September 10, 2020, matures on September 10, 2050, and bears interest at a rate of 3.75% per annum. Payments are to be made monthly, beginning as of September 10, 2022. The loan terms provide for a collateral interest for the SBA, and limits the use of proceeds to working capital to alleviate the effects of COVID-19 on the Company’s economic condition.

The Loan consists of the following:

	June 30, 2021	December 31, 2020
	(Unaudited)
U.S. SBA term note payable in equal monthly installments, bearing an interest rate of 3.75% and maturing in September 2050.	$ 78,200	$ 78,200
Less current portion	(-)	(-)
Long-term debt, excluding current portion	$ 78,200	$ 78,200

PwrCor, Inc.

Notes to Financial Statements

June 30, 2021

(Unaudited)

6. Long Term Notes (continued)

Unlike the Paycheck Protection Program (“PPP”), established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) enacted March 27, 2020, the EIDL program does not currently provide a mechanism for loan forgiveness.

The Loan is projected to amortize as follows:	Payments against Principal
2021	$	-
2022	$	530
2023	$	1,630
2024	$	1,692
2025	$	1,757
Remaining principal to be paid 2026 to 2050:	$	72,591
Total	$	78,200