Item 8.01. Other Events

As previously disclosed by DropCar, Inc., a Delaware corporation (the "Company") in its Quarterly Report on Form 10-Q for the fiscal period ended March 31, 2020, DropCar Operating Company, Inc. (the "Borrower"), a Delaware corporation and wholly owned subsidiary of the Company, previously entered into a U.S. Small Business Administration Paycheck Protection Program promissory note in the principal amount of $345,294 payable to Chase Bank (the "Bank") evidencing a PPP loan from the Bank (the "PPP Loan"). The Board of Directors (the "Board") of the Company subsequently agreed to evaluate whether to return any of the PPP Loan funds in connection with its review of the financing needs of the Company and the Borrower. On May 18, 2020, the Board determined that the Borrower would repay and return the entire amount of the PPP Loan to the Bank. The PPP Loan was returned in full on May 18, 2020.

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