What were the proceeds from PPP loans for Goldfish Swim School in 2021?
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 FDD, Goldfish Swim School Franchising, LLC received $693,815 in Paycheck Protection Program (PPP) loan proceeds during the year ended December 31, 2021. The PPP, established under the CARES Act and administered by the SBA, allowed for full or partial loan forgiveness if proceeds were used for qualifying expenses and staffing and salary requirements were met.
The FDD states that the PPP loan was completely forgiven as of December 31, 2021. Consequently, Goldfish Swim School recognized the $693,815 received under the PPP loan program as other income on the consolidated statement of operations for the year ended December 31, 2021.
Additionally, in 2020, Goldfish Swim School Franchising, LLC received $780,423 in PPP loan proceeds. Like the 2021 loan, the 2020 loan was also completely forgiven as of December 31, 2021, and recognized as other income on the consolidated statement of operations.