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LONG-TERM BORROWING

12 Months Ended

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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- References

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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

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