On May 7, 2020, Net Element, Inc. entered into a promissory note evidencing an unsecured loan (the “PPP Loan”) in the amount of $491,492 made to the Company through Truist Bank (the “Lender”), under the Paycheck Protection Program (the “PPP”). The PPP was established under the Coronavirus Aid, Relief, and Economic Security Act and is administered by the U.S. Small Business Administration (“SBA”). On May 9, 2021, the Company received a notification from the Lender that the SBA approved the Company’s PPP Loan forgiveness application for the entire PPP Loan balance of $491,492 and that the remaining PPP Loan balance is zero.