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Paycheck Protection Program Loan
 12 Months Ended
Dec. 31, 2021
Paycheck Protection Program Loan  
Paycheck Protection Program Loan

8. Paycheck Protection Program Loan

 

On April 20, 2020, in response to significant market volatility and uncertainty, our general history of operating losses, and the resulting need for Solitario to conserve its financial resources, Solitario applied for and 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 payroll, rent and utilities obligations.  The PPP Loan had a two-year term and an interest at a rate of 1.0% per annum. Monthly principal and interest payments were deferred for six months after the date of the loan. The Paycheck Protection Program provides 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. Solitario believes it used the proceeds from the PPP Loan for qualifying expenses and applied for forgiveness of the PPP Loan in accordance with the terms of the CARES Act.  During 2021 and 2020, $10,000 and $60,000, respectively, of the PPP Loan was forgiven, and Solitario recorded $10,000 and $60,000, respectively, of other income related to the forgiveness of the PPP Loan.  The Small Business Administration retains the right to review the eligibility requirements of Solitario for its PPP Loan. As of December 31, 2021, Solitario has no remaining balance due on the PPP Loan.