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Subsequent Events
3 Months Ended
Mar. 28, 2020
Subsequent Events [Abstract]  
Subsequent Events

11. Subsequent Events

In April 2020, the Company received a $2.5 million U.S. Small Business Administration Loan (the “SBA Loan”) pursuant to the Payroll Protection Program (“PPP”), established under the CARES Act. Per the terms of the SBA Loan, the Company may apply for forgiveness of the amount due on the loan in an amount equal to the loan proceeds used to cover payroll costs and other specified non-payroll costs (provided any non-payroll costs do not exceed 25% of the forgiven amount) over an eight-week period after the loan is made, subject to certain conditions. The Company fully intends to comply with the above terms in order to qualify for loan forgiveness. However, there is no assurance that the Company will obtain forgiveness of the SBA Loan in whole or in part. In the event the Company is required to repay the loan, all payments are deferred for 6 months with accrued interest over this period. Amounts outstanding under the loan will bear a fixed interest rate of 1.00% per annum with a maturity date of April 22, 2022, two years from commencement date. The U.S. Department of the Treasury has announced that it will conduct audits for PPP loans that exceed $2 million. Should we be audited or reviewed by the U.S. Department of the Treasury or the U.S. Small Business Administration as a result of the SBA Loan or filing an application for forgiveness or otherwise and receive an adverse outcome in such an audit, we could be required to return the full amount of the SBA Loan and may potentially be subject to civil and criminal fines and penalties.