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Note 11 - Notes Payable
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Debt Disclosure [Text Block]

 

11. Notes Payable

 

On May 7, 2020, the Company received loan proceeds in the amount of approximately $332,000 under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provided for loans to qualifying businesses. The loans and accrued interest are forgivable if the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The Company used the loan proceeds for purposes consistent with the PPP requirements and applied for loan forgiveness. During the nine months ended September 30, 2021, both of the Company's two PPP loans totaling $332,000 were forgiven. 

 

Notes payable were comprised of the following (in thousands):

 

  

September 30, 2021

  

December 31, 2020

 
         

Notes payable, current portion

        

Paycheck Protection Program

 $—  $29 

Total notes payable, current portion

 $—  $29 
         

Notes payable, non-current portion

        

Paycheck Protection Program

 $—  $303 

Total notes payable, non-current portion

 $—  $303