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PPP Loan
9 Months Ended
Sep. 30, 2021
PPP Loan  
7. PPP Loan

7. PPP Loan

 

On April 20, 2020, Solitario received a loan in the amount of $70,000 (the “PPP Loan”) pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to help fund Company payroll, rent and utilities obligations. The PPP Loan had a two-year term and bore interest at a rate of 1.0% per annum. The Paycheck Protection Program provided that the PPP Loan may be partially or wholly forgiven if the funds are used for certain qualifying expenses as described in the CARES Act. The Small Business Administration retains the right to review the eligibility requirements of Solitario for PPP Loans. During the nine months ended September 30, 2021, the remaining balance of the PPP Loan of $10,000 was forgiven and Solitario recorded $10,000 of other income related to the forgiveness of the PPP Loan. Solitario has no remaining balance due for the PPP Loan as of September 30, 2021.