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NOTES PAYABLE

6 Months Ended

Dec. 31, 2020

6.	NOTES PAYABLE

	As of
	December 31, 2020		June 30, 2020
Current Portion:
Vendor note	$	202	$	166
SBA loan		10		92
Total current portion	$	212	$	258
Noncurrent Portion:
Vendor note	$	137	$	240
SBA Loan		—		104
Total noncurrent portion	$	137	$	344

SBA Loan

On April 17, 2020, the NioCorp’s subsidiary, Elk Creek Resources Corp., received a U.S. Small Business Administration Loan (the “SBA Loan”) from American National Bank, pursuant to the Paycheck Protection Program (the “PPP”) established under the Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the CARES Act, in the amount of $196. Under the terms of the SBA Loan, the Company may be eligible for full or partial loan forgiveness. The unforgiven portion of the SBA Loan is payable over two years at an annual interest rate of 1%, with a deferral of payments for the first six months. The Company used the proceeds for purposes consistent with the PPP.

On October 27, 2020, the Company applied for loan forgiveness of $186, comprising the initial SBA Loan balance less $10 representing an Economic Injury Disaster Loan Advance grant (the “EIDL advance”) received by the Company in April 2020. On November 18, 2020, the Company was notified that the $186 loan forgiveness request had been approved and recorded a corresponding gain in other income in the consolidated statement of operations.

On December 21, 2020, the U.S. Congress passed the Consolidated Appropriations Act, 2021 (the “Act”), which provided additional COVID-19 relief as well as government funding and other bills. The Act removes the previous requirement that PPP borrowers deduct the amount of any EIDL advance from their PPP forgiveness amount. The Small Business Administration is currently developing the guidance and procedures associated with this change in statute, and the Company expects to apply for this additional forgiveness once the process is completed.