PPP Loan from Celtic Bank Corporation
Company: CleanSpark
What the later record shows
Not a promise: a reported event · happened May 15, 2020
The claim reports a PPP loan already approved and received on May 15, 2020. Later filings show the loan was fully forgiven on March 23, 2021, before its May 7, 2022 maturity.
“On May 15, 2020, the loan was approved and the Company received the proceeds from the loan in the amount of $ 531,169”
2020-12-16 · CleanSpark 10-K filed 2020-12-17 View cached copy (2026-09-13)Live source ↗
“The Company applied for and received loan forgiveness from the SBA on March 23, 2021. The entire principal balance and interest charges were forgiven.”
2021-12-13 · CleanSpark 10-K filed 2021-12-14 View cached copy (2026-09-13)Live source ↗
Checked October 11, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
CleanSpark received a $531,169 Paycheck Protection Program loan approved on May 15, 2020, maturing on May 7, 2022, at 1.0% per annum interest, with monthly payments commencing December 7, 2020
Source (primary)
CleanSpark 8-K filed 2020-05-20 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “the Loan was approved and Borrower received the proceeds from the loan in the amount of $531,169.00 (the "PPP Loan"). The PPP Loan, which took the form of a promissory note issued by Borrower (the "Promissory Note") matures on May 7, 2022 and bears interest at a rate of 1.0% per annum. Monthly principal and interest payments, less the amount of any potential forgiveness (discussed below), will commence on December 7, 2020.”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
CleanSpark's May 2020 8-K states that its PPP loan of $531,169.00 was approved and funded on May 15, 2020. It also gives a May 7, 2022 maturity, 1.0% annual interest, and monthly payments starting December 7, 2020.
Confirmed in the source:
- CleanSpark received a Paycheck Protection Program loan
- The loan amount was $531,169
- The loan was approved on May 15, 2020
- The loan matures on May 7, 2022
- The loan bears interest at 1.0% per annum
- Monthly principal and interest payments commence on December 7, 2020
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/827876/000166357720000156/clsk8k.htm) in full (5,012 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms CleanSpark 8-K filed 2020-05-20
Quote: “the Loan was approved and Borrower received the proceeds from the loan in the amount of $531,169.00 (the "PPP Loan"). The PPP Loan, which took the form of a promissory note issued by Borrower (the "Promissory Note") matures on May 7, 2022 and bears interest at a rate of 1.0% per annum. Monthly principal and interest payments, less the amount of any potential forgiveness (discussed below), will commence on December 7, 2020.”