Encision Inc. announced that it entered into an unsecured promissory note under the Paycheck Protection Program (the "PPP") for a principal amount of $533,118. The PPP was established under the Consolidated Appropriations Act of 2021, enacted December 27, 2020. The term of the PPP loan is for two years with an interest rate of 1.0% per year, which will be deferred for the first six months of the term of the loan. After the initial six-month deferral period, the loan requires monthly payments of principal and interest until maturity with respect to any portion of the PPP loan which is not forgiven. Under the terms of the CARES Act, a PPP loan recipient may apply for, and be granted, forgiveness for all or a portion of loans granted under the PPP. Such forgiveness will be determined based upon the use of loan proceeds for payroll costs, rent and utility costs, and the maintenance of employee and compensation levels.