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Paycheck Protection Program (PPP) Loan
12 Months Ended
Dec. 31, 2021
Paycheck Protection Program Ppp Loan  
Paycheck Protection Program (PPP) Loan

Note 6. Paycheck Protection Program (PPP) Loan

 

The PPP was established to provide federally guaranteed, uncollateralized loans to assist businesses during the Covid-10 pandemic. PPP loans are administered by a Small Business Administration (SBA) approved partners.

 

On May 7, 2020 the Company was granted a $568,131 loan which was to mature in two years. On January 27, 2021, the Company was granted a second $568,131 loan which was to mature in five years. The Company was eligible for loan forgiveness of up to 100% of the loans, upon meeting certain requirements.

 

On May 20, 2021 and December 22, 2021, respectively, the loans were legally released and forgiven by the SBA. Loan forgiveness income of $1,136,262 has been recorded for the year ended December 31, 2021.