Company: ILLRW
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001213900-25-006210
Chunk: 54

Company: Triller Group Inc.
Filing Date: 2025-01-24
Form: S-1
Chunk 54
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’ credit worthiness and the amount of credit extended to them. Customers of this size may divert management’s attention from other operational matters and pull resources from other areas of the business, resulting in potential loss of revenue from other customers. The loss of, or significant curtailment of purchases by, any one or more of Triller’s larger customers could have a material adverse effect on its operating results.

Non-compliance with the objective and subjective criteria for the Paycheck Protection Program (“PPP”) loan could have a material adverse effect on Triller’s business.

On April 10, 2020, Triller Inc. received a PPP Loan from First
Choice Bank, in the aggregate amount of $1,556,000, pursuant to the PPP under Division A, Title I of the CARES Act, which was enacted
March 27, 2020. The PPP Loan, which was in the form of a note dated April 10, 2020 issued by First Choice Bank, which matured
on April 13, 2022, and bore interest at a rate of 1% per annum, payable monthly commencing on the fifth calendar day of the seventh
month following the date of first disbursement. The PPP Loan permitted prepayment by Triller at any time prior to maturity with no prepayment
penalties. Funds from the PPP Loan could only be used for payroll costs, any payment of interest on a covered mortgage obligation, any
payment on a covered rent obligation, or any covered utility incurred during the 8-week period beginning on the date of first disbursement
of this loan. Triller used the entire PPP Loan amount for what it considered to be qualifying expenses, under the current guidance as
promulgated by the U.S. Small Business Administration (the “SBA”). Under the terms of the PPP, certain amounts of the
PPP Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. The PPP Loan was forgiven by the First
Choice Bank on July 28, 2021. In January 2025, the SBA made a ﬁnal loan review decision. After review of the documentation
provided, the SBA has recalculated Triller Inc.’s maximum eligible PPP loan amount and limited forgiveness to the eligible amount
to $407,251.77.

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In order to apply for the PPP Loan, Triller were required to certify, among other things, that the current economic uncertainty made