Total long-term obligations as of December 31, 2020 and 2019 consisted of the following (in thousands):


	December 31,
	2020		2019

Pension obligations - accrued pension liability	$	5,940	$	4,611
Settlement agreement (1)		518		708
Capital lease obligations		209		655
Microsoft licenses (2)		747		—
Bank loans payable (3)		580		—
		7,994		5,974
Less: Current portion of long-term obligations		1,712		1,440
Totals	$	6,282	$	4,534

⁽¹⁾ Represents payment to be made pursuant to a settlement agreement entered into in December 2018 between a subsidiary of the Company and 19 former employees of such subsidiary. The balance is payable in monthly installments through March 2023.

⁽²⁾ On April 2020, the Company renewed a vendor agreement to acquire certain additional software licenses and to receive support and subsequent software upgrades on these and other currently owned software licenses through February 2023. Pursuant to this agreement, the Company was obligated to pay approximately $0.4 million annually over the term of the agreement.

⁽³⁾ On May 4, 2020, the Company received loan proceeds of $579,700 under the Paycheck Protection Program ("PPP") which was established as part of the Coronavirus Aid, Relief and Economic Security Act of 2020, as amended. The loans and accrued interest are forgivable, as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. On January 29, 2021, the Company filed its loan forgiveness application for 100% of the approved loan under the PPP.