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20. Subsequent Events
9 Months Ended
May 31, 2020
Notes  
20. Subsequent Events

20.SUBSEQUENT EVENTS 

 

a.The Paycheck Protection Program Flexibility Act was signed on June 5, 2020. This law modifies the PPP in several ways, including permitting the amendment of the maturity date on PPP loans made before June 5th from two years to five years, extending the PPP Loan forgiveness period from 8 weeks to 24 weeks (168 days) from the loan origination date, and reducing the required amount of payroll expenditures for forgiveness of the loan to 60% of the principal. The Company is evaluating these changes and has not yet determined if it will request to modify its existing loan with the new amendments. 

 

b.Subsequent to the end of the quarter, the Company received full repayment of $562,713 pursuant to the promissory notes receivable.