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Paycheck Protection Program Loan
12 Months Ended
Dec. 31, 2022
Paycheck Protection Program Loan.  
Paycheck Protection Program Loan

Note 11 – Paycheck Protection Program Loan

In April 2020, the Company received a loan in the aggregate principal amount of $186 thousand pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act. The loan was evidenced by a promissory note, dated April 21, 2020, issued by us to the lender, which was to mature on April 20, 2022, and bore interest at a rate of 1.00% per annum, payable monthly following an initial deferral period as specified under the PPP. Proceeds from the loan were used to fund designated expenses, including certain payroll costs, group health care benefits and other permitted expenses, in accordance with the PPP. The full amount of the loan principal and interest was forgiven in February 2021. Forgiveness of the PPP loan resulted in contra-expense of $186 thousand being recorded in selling, general and administrative expense during the year ended December 31, 2021.