Notice of Paycheck Protection Program Forgiveness Payment — Monofrax, LLC (ECF No. 1-14)

Summary

Notice of Paycheck Protection Program Forgiveness Payment from the Small Business Administration, ECF No. 1-14 in Case 5:22-cv-12221-JEL-KGA (E.D. Mich.), filed 09/21/22. The notice names Monofrax, LLC as Borrower and MetaBank, National Association as Lender of Record, with a Loan Approval Date of 01/21/2021 and a Loan Disbursement Amount of $1,838,971.78. It states that SBA remitted a Forgiveness Amount of $1,838,971.78 in principal and $25,392.93 in interest on a Forgiveness Payment Date of 06/15/2022, as authorized by Section 1106 of the CARES Act. It sets out record-retention periods for borrowers and states that the document is a notice of payment only that does not provide a right to appeal to the SBA Office of Hearings and Appeals.

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Case 5:22-cv-12221-JEL-KGA ECF No. 1-14, PageID.249 Filed 09/21/22 Page 1 of 1




                                 SMALL BUSINESS ADMINISTRATION
                                     WASHINGTON, DC 20416




             NOTICE OF PAYCHECK PROTECTION PROGRAM
                      FORGIVENESS PAYMENT


Borrower: Monofrax, LLC
Lender of Record: MetaBank, National Association
SBA Loan No.: 2797048302
Loan Approval Date: 01/21/2021
Loan Disbursement Amount: $ 1,838,971.78

Amount of Forgiveness Requested by Lender: $ 1,838,971.78
Forgiveness Amount Remitted: $ 1,838,971.78 in principal and $ 25,392.93
in interest
Forgiveness Payment Date: 06/15/2022


As authorized by Section 1106 of the CARES Act, SBA has remitted to the Lender of
Record the payment listed above for forgiveness of the Borrower’s Paycheck
Protection Program (PPP) loan.

If any balance remains on the PPP loan after application of the forgiveness payment,
the Lender must notify the Borrower of the date on which the first payment is due,
and the loan must be repaid by the Borrower on or before the maturity date.

For loans of $150,000 and less [except for those borrowers that together with their
affiliates received loans of $2 million or greater], the borrower must retain records
relevant to the loan forgiveness application that prove compliance with the
requirements of Section 7(a)(36) and Section 7A of the Small Business Act—with
respect to employment records, for the 4-year period following submission of the loan
forgiveness application, and with respect to other records, for the 3-year period
following submission of the loan forgiveness application.

For loans greater than $150,000, the Borrower must retain all records relating to the
Borrower’s PPP loan for six years from the date the loan is forgiven or repaid in full.



THIS DOCUMENT IS A NOTICE OF PAYMENT ONLY. ISSUANCE OF THIS NOTICE OF
PAYMENT DOES NOT PROVIDE THE BORROWER WITH A RIGHT TO APPEAL TO THE SBA
OFFICE OF HEARINGS AND APPEALS.


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