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Subsequent Events
6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events

Note 11. Subsequent Events

 

PPP Loan Forgiveness

 

Under the terms of the CARES Act and the Company’s PPP loan, up to the entire amount of principal of the PPP loan and accrued interest may be forgiven to the extent PPP loan proceeds are used for qualifying expenses as described in the CARES Act and applicable implementing guidance issued by the SBA. The Company used all of the PPP loan proceeds for designated qualifying expenses. On June 16, 2021, the Company applied for forgiveness of the PPP loan in accordance with the terms of the CARES Act and the PPP loan. On July 20, 2021, the Company received notification from the Lender that the SBA had approved the Company’s PPP loan forgiveness application for the entire amount of the PPP loan. The forgiveness of the PPP loan will be recognized during the quarter ending September 30, 2021.