ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT On June 23, 2020, Stein Mart, Inc. ("Stein Mart," or the "Company") entered into an agreement to receive a U.S. Small Business Administration Loan ("SBA Loan") from Harvest Small Business Finance, LLC related to the COVID-19 pandemic in the amount of $10.0 million. The SBA Loan has a fixed interest rate of 1% and a maturity date five years from the date on which the Company applies for loan forgiveness under section 1106 of the CARES Act. Pursuant to the terms of the SBA Loan, the Company may apply for forgiveness of the amount due on the SBA Loan in an amount equal to the sum of the following costs incurred by the Company during the period commencing on the date of first disbursement of the Loan and ending upon the earlier of (i) 24 weeks after the date of the first disbursement of the Loan and (ii) December 31, 2020 (such period, the "Covered Period"): payroll costs, payment on a covered rent obligation, and any covered utility payment. The amount of SBA Loan forgiveness shall be calculated in accordance with the requirements of the Paycheck Protection Program, including the provisions of Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), although no more than 40% of the amount forgiven can be attributable to non-payroll costs.




ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit Number               Description
  10.1                         SBA Loan by and Between Stein Mart, Inc. and Harvest Small Business
                             Finance, LLC, dated June 23, 2020

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