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PPP Loan Payable | 12 Months Ended
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Dec. 31, 2022
Ppp Loan Payable |
PPP Loan Payable |
5. | PPP Loan Payable
In June 2020, the Company was granted a loan (the “PPP loan”) from Cadence Bank in the aggregate amount of $151,000, pursuant to the Paycheck Protection Program (the “PPP”) under the CARES Act. The PPP loan agreement is dated June 18, 2020, matures on June 18, 2025, bears interest at a rate of 1% per annum, with the first six months of interest deferred, and is unsecured and guaranteed by the U.S. Small Business Administration (“SBA”). The Company applied ASC 470, Debt, to account for the PPP loan. The PPP loan may be prepaid at any time prior to maturity with no prepayment penalties. Funds from the PPP loan may only be used for qualifying expenses as described in the CARES Act, including qualifying payroll costs, qualifying group health care benefits, qualifying rent and debt obligations, and qualifying utilities. Management believes the entire loan amount has been used for qualifying expenses and all of the conditions outlined in the PPP loan program were adhered to by the Company. Under the terms of the PPP, certain amounts of the loan may be forgiven if they are used for qualifying expenses. In January 2022, the Company received notice that $24,000 of the PPP loan was forgiven, and in June 2022, the Company received notice that an additional $39,000 of the PPP loan was forgiven. Accordingly, for the year ended December 31, 2022, a $63,000 gain on forgiveness of PPP loan was recorded. The Company also paid $12,000 of principal on the PPP loan, and at December 31, 2022, the balance of the PPP loan after recording the aggregate forgiveness and payment was $75,000. The terms of the PPP loan provide for customary events of default including, among other things, payment defaults, breach of representations and warranties, and insolvency events. The Company was in compliance with the terms of the PPP loan as of December 31, 2022.

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