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Paycheck Protection Program (PPP) Loan
6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Paycheck Protection Program (PPP) Loan

Note 6. Paycheck Protection Program (PPP) loan

 

The Company was granted a $568,131   loan under the PPP administered by a Small Business Administration (SBA) approved partner. The loan, which matures in two years, is uncollateralized and is fully guaranteed by the Federal government. The Company is eligible for loan forgiveness of up to 100% of the loan, upon meeting certain requirements. The Company has recorded a note payable and will record the forgiveness upon being legally released from the loan obligation by the SBA. No forgiveness income has been recorded for the quarter ended June 30, 2020. The Company will be required to repay any remaining balance, plus interest accrued at 1 percent, in monthly payments commencing upon notification that the loan will not be forgiven or only partially forgiven.