SBA LOANS |
9 Months Ended | |||||||||||||||||||||||||||||||||||
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May 31, 2024 | ||||||||||||||||||||||||||||||||||||
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| SBA LOANS | 12. SBA LOANS
The Company also entered into a normal SBA loan during 2020 with a principal amount of $149,900. The note bears interest at a rate of 3.75% per annum. On March 16, 2021, the SBA announced extended deferment periods for all COVID-19 and other disaster loans until 2022. Interest only payments began in November 2022, and principal payments will begin in May 2055.
Aggregate principal maturities of the SBA loan is as follows:
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