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1847 Goedeker Repays $642,600 PPP Loan Early and in Full Citing Strong Business Results During Pandemic


BALLWIN, Mo.--(BUSINESS WIRE)-- 1847 Goedeker Inc. (NYSE American: GOED) (“Goedeker’s” or the “Company”), a one-stop e-commerce destination for appliances, furniture, home goods, and related products, today announced that the company has repaid, in full, the Paycheck Protection Program (“PPP”) loan issued on April 8, 2020. The repayment comes 17 months ahead of the April 2022 maturity date.

“Consumers record online ordering on and increasing confidence in how we meet their appliance needs was in part due to the use of the PPP funds to keep and expand our full-time work force. Our success created an opportunity to Pay It Forward by immediately repaying our PPP loan,” said Doug Moore, CEO of Goedeker’s. “Since initially receiving funds in April, we have added staff and significantly strengthened our balance sheet through our July IPO, enabling us to repay the balance early and in full. We are now in a great position ahead of our pending acquisition of Appliances Connection which is expected to be a key driver of our $400 million revenue projection for 2021.”

The PPP loan had a two-year term with 1.0% interest per annum. Monthly principal and interest payments were deferred for six months from the date of disbursement, resulting in a final payoff amount of $646,241. There were no prepayment penalties.

About 1847 Goedeker Inc.

The Company is an industry leading e-commerce destination for appliances, furniture, and home goods. Since its founding in 1951, the Company has transformed from a local brick and mortar operation serving the St. Louis metro area to a respected nationwide omnichannel retailer that offers one-stop shopping for national and global brands. While the Company maintains its St. Louis showroom, over 90% of sales are placed through its website ( The Company provides visitors an easy to navigate shopping experience and offers more than 185,000 items organized by category and product features. Specialization in the home category has enabled the Company to build a shopping experience and an advanced logistics infrastructure that is tailored to the unique characteristics of the market. Learn more at

Forward Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission and other reports filed with the Securities and Exchange Commission thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Dave Gentry, CEO
RedChip Companies
Office: 1.800.RED.CHIP (733.2447)
Cell: 407.491.4498

Source: 1847 Goedeker Inc.

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