Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an O?-Balance Sheet Arrangement of a Registrant.

Pursuant to the Paycheck Protection Program (the "PPP") guidelines originally established by the U.S. federal government as part of the Coronavirus Aid, Relief and Economic Security Act, or the CARES Act, BioLife Solutions, Inc. (the "Company") determined that it met the eligibility requirements and determined to apply for relief to support its ability to maintain its employees' compensation and avoid having to layoff or furlough any of its employees. As such, on April 20, 2020, the Company received $2,175,320 in support (the "PPP Loan") from the PPP. The PPP Loan is unsecured and is evidenced by a note in favor of Silicon Valley Bank (the "Lender") as the lender (the "Note"), and is governed by a Loan Agreement with the Lender (the "Loan Agreement").

Because the U.S. government subsequently changed its position and guidelines related to the PPP and publicly traded companies, the Company intends to repay the loan on or before May 7, 2020. Prior to receiving the PPP Loan, the Company had determined to reduce the compensation of its officers and directors by twenty-five percent (25%), reduce the compensation of other staff members and implement other cost reductions. At this time, the Company has no intent to layoff or furlough any of its employees.

The interest rate on the Note is 1.0% per annum. Payments of principal and interest are deferred for 180 days from the date of the Note (the deferral period). The Paycheck Protection Program provides a mechanism for forgiveness of up to the full amount borrowed as long as the Company uses the loan proceeds during the eight-week period after the loan origination for eligible purposes, including U.S. payroll costs, certain benefits costs, rent and utilities costs, and maintains its employment and compensation levels, subject to certain other requirements and limitations. The amount of loan forgiveness is subject to reduction, among other reasons, if the Company terminates employees or reduces salaries or wages during the eight-week period. Any unforgiven portion of the PPP Loan is payable over a two-year term, with payments deferred during the deferral period. The Company is permitted to prepay the Note at any time without payment of any premium. The Note contains customary events of default, including, among others, those relating to failure to make a payment, bankruptcy, material defaults on other indebtedness, breaches of representations, and material adverse changes.

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