What was the amount of proceeds from the PPP loan that Goldfish Swim School received in 2020?
Goldfish_Swim_School Franchise · 2025 FDDAnswer from 2025 FDD Document
ecember 31, 2022, 2021, and 2020**
Note 3 - Adoption of New Accounting Pronouncement (Continued)
As a result of the adoption of the ASU, the Company recorded a right-of-use asset of $1,869,195 and a lease liability of $1,869,195 as of January 1, 2022 for the existing operating lease. There was no impact on retained earnings as a result of adopting the new ASU.
Note 4 - Paycheck Protection Program Loans
During the years ended December 31, 2021 and 2020, Goldfish Swim School Franchising, LLC received Paycheck Protection Program loans in the amounts of $693,815 and $780,423, respectively. The PPP was created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and is administered by the Small Business Administration (SBA). Under the terms of this program, the loan may be fully or partially forgiven if the loan proceeds are spent on qualifying expenses and if staffing level and
Source: Item 22 — CONTRACTS (FDD pages 76–77)
What This Means (2025 FDD)
According to the 2025 Goldfish Swim School Franchise Disclosure Document, Goldfish Swim School Franchising, LLC received $780,423 in Paycheck Protection Program (PPP) loans in 2020. The PPP was established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and is managed by the Small Business Administration (SBA).
The terms of the PPP allowed the loan to be fully or partially forgiven if the proceeds were used for qualifying expenses and if certain staffing and salary requirements were met. Goldfish Swim School could use the funds for qualifying expenses over a period of up to 24 weeks.
As of December 31, 2021, the PPP loan was completely forgiven. Consequently, for the year ended December 31, 2020, Goldfish Swim School recognized the $780,423 received under the PPP loan program as other income on the consolidated statement of operations.