Paycheck Protection Loan |
6 Months Ended |
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Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Paycheck Protection Loan |
7. Paycheck Protection Loan On April 30, 2020, the Company received loan proceeds in the amount of approximately $384 under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loan and accrued interest are forgivable after if the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities. The amount of loan forgiveness may be reduced if the borrower terminates employees or reduces salaries during the eight-week period. The unforgiven portion of the PPP loan is payable over two years at an interest rate of 1%, with a deferral of payments for the first six months. The Company used the proceeds for purposes consistent with the PPP.The Company has determined to account for the PPP loan as debt under Accounting Standards Update (“ASC 470”), “Debt”, and allocated and recorded the loan proceeds between current and non-current liabilities. The Company further determined that loan forgiveness would become probable of occurring upon acceptance by the Small Business Association of the Company’s forgiveness application. On May 20, 2021 the Small Business Administration notified the Company that the PPP loan had been forgiven in full. During the three and six months ended June 30, 2021 the Company recognized income for debt extinguishment pursuant to ASC 470-50-15-4 as other income. |