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LONG-TERM BORROWING | 12 Months Ended
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Dec. 31, 2020
LONG-TERM BORROWING |
LONG-TERM BORROWING | 14. LONG-TERM BORROWING The following table sets forth the loan agreement of long-term borrowing from bank:
|  |  |  |  |  | Amount |  | Original Amount |  | Annual |  | Repayment
Date |  | Borrower |  | Lender |  | (RMB) |  | (US$) |  | Interest Rate |  | Due Date
May 1, 2020 |  | Bay State College |  | Small Business Administration (“SBA”) |  | 9,594 |  | 1,470 |  | 1.00 | % | May 2, 2022
On May 1, 2020, Bay State College obtained a PPP loan under the CARES Act from the SBA through Bank of America in US$1,470, with maturity date on May 2, 2022. Bay State College accrued interest expense of the loan using a fixed rate of 1%. Bay State College is applying for the forgiveness of the PPP loan as of the date of this report.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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