NOTE 14 – PAYROLL PROTECTION PROGRAM

In the 2020 FY certain of our US companies, received a total of $648,871 in Pandemic relief under the US Government Payroll Protection Program (“PPP”). The proceeds from the PPP were used to offset US employees’ salaries during the Pandemic. This amount has now been forgiven under the Program and is recorded in our accounts as “Other Income”.

These amounts were received by our US companies in April and May of 2020. The companies applied for forgiveness of the loans in September 2020 and the loans were forgiven in November 2020.