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LOANS RECEIVABLE | 12 Months Ended
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Dec. 31, 2021
Receivables [Abstract] |
LOANS RECEIVABLE | 4. LOANS RECEIVABLE Loans receivable consist of the following:
|  | December 31,
|  | 2021 |  | 2020
|  | (in thousands)
SBA 7(a) loans receivable, subject to credit risk |  | $ | 42,103 |  |  | $ | 32,226 |
SBA 7(a) loans receivable, subject to loan-backed notes |  | 18,050 |  |  | 23,631 |
SBA 7(a) loans receivable, Paycheck Protection Program |  | 5,050 |  |  | 14,484 |
SBA 7(a) loans receivable, subject to secured borrowings |  | 6,857 |  |  | 8,786 |
SBA 7(a) loans receivable, held for sale |  | 1,200 |  |  | 4,009 |
Loans receivable |  | 73,260 |  |  | 83,136 |
Deferred capitalized costs, net |  | 1,226 |  |  | 884 |
Loan loss reserves |  | (943) |  |  | (885) |
Loans receivable, net |  | $ | 73,543 |  |  | $ | 83,135 |
SBA 7(a) Loans Receivable, Subject to Credit Risk—Represents the unguaranteed portions of loans originated under the SBA 7(a) Program which were retained by the Company. SBA 7(a) Loans Receivable, Subject to Loan-Backed Notes—Represents the unguaranteed portions of loans originated under the SBA 7(a) Program which were transferred to a trust and are held as collateral in connection with a securitization transaction. The proceeds received from the transfer are reflected as loan-backed notes payable (Note 6). These loans are subject to credit risk. SBA 7(a) Loans Receivable, Paycheck Protection Program—As an SBA 7(a) licensee, the Company originated loans under the PPP. As of December 31, 2021, a significant portion of these loans have been either forgiven or repaid, and the Company expects that all of the outstanding PPP loans will be forgiven, either in part or in full, by the SBA or be repaid by the borrower, including both principal and accrued interest. SBA 7(a) Loans Receivable, Subject to Secured Borrowings—Represents the government guaranteed portions of loans originated under the SBA 7(a) Program which were sold with the proceeds received from the sale reflected as secured borrowings—government guaranteed loans. There is no credit risk associated with these loans since the SBA has guaranteed payment of the principal. SBA 7(a) Loans Receivable, Held for Sale— Represents the government guaranteed portion of loans held for sale at the end of the period or that had been sold but in respect of which proceeds had not been received as of the end of the period. Other As of December 31, 2021 and 2020, the Company’s loans subject to credit risk were 99.8% and 99.1%, respectively, concentrated in the hospitality industry. As of December 31, 2021 and 2020, 100.0% and 98.8%, respectively, of the Company’s loans subject to credit risk were current. The Company classifies loans with negative characteristics in substandard categories ranging from special mention to doubtful. As of December 31, 2021 and 2020, $1.1 million and $1.4 million, respectively, of loans subject to credit risk were classified in substandard categories.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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