What was the amount of the second Paycheck Protection Program loan that Beehive Homes received?
Beehive_Homes Franchise · 2025 FDDAnswer from 2025 FDD Document
n Payable (continued)
On February 17, 2021 the Company received a second Paycheck Protection Program loan in the amount of $153,647, subject to the same terms of forgiveness as the loan mentioned above. The unforgiven portion of the loan, if any, is payable over five years at an interest rate of 1%, with a deferral of payments for the first sixteen months. On January 5, 2022 the Company was notified by their bank that the SBA had granted forgiveness on the PPP loan based on their application. The Company recognized the forgiveness a
Source: Item 23 — RECEIPTS (FDD pages 34–123)
What This Means (2025 FDD)
According to Beehive Homes' 2025 Franchise Disclosure Document, the company received a second Paycheck Protection Program (PPP) loan on February 17, 2021, amounting to $153,647. This loan was subject to the same forgiveness terms as the first PPP loan Beehive Homes received.
The terms of the second PPP loan stipulated that any portion of the loan not forgiven would be payable over five years, with an annual interest rate of 1%. Payments were deferred for the first sixteen months.
On January 5, 2022, Beehive Homes was notified by their bank that the SBA had granted forgiveness on the PPP loan based on their application. The company recognized the forgiveness as revenue within 2022.