Economic Injury Disaster Loan

9 Months Ended

Sep. 30, 2023

Economic Injury Disaster Loan

Economic Injury Disaster Loan

Note 15 – Economic Injury Disaster Loan

On July 7, 2020, WCI received an Economic Injury Disaster Loan (“EIDL”) in the amount of $149,900 through the Small Business Administration (“SBA) pursuant to Section 7(b) of the Small Business Act, Section 1110 of the Coronavirus Aid, Relief, and Economic Security Act, which was further amended by the Paycheck Protection Program and Health Care Enhancement Act. The loan is secured by all tangible and intangible personal property of WCI, bears interest at 3.75% per annum, initially required monthly installment payments of $731 beginning July 2021, and matures July 2050. In March 2021 and March 2022, respectively, the SBA extended the deferment period for payments and extended the initial payment until January 7, 2023. During the deferment period, interest continued to accrue and four early monthly payments of $800 were accepted by the SBA prior to the January 7, 2023 initial payment date.

EIDL loan balances at September 30, 2023 consist of the following:

	September 30, 2023			December 31, 2022
On July 7, 2020, WCI received an Economic Injury Disaster Loan, including accrued interest of $0 and $11,160 as of September 30, 2023 and December 31, 2022, respectively. The note is secured by all tangible and intangible personal property of WCI, bears interest at 3.75% per annum, requires monthly installment payments of $731 beginning July 7, 2022, and matures July 7, 2050.		58,032			161,060
Less: Current maturities		(6,235	)		(3,191	)
Long-term portion of economic injury disaster loan	$	51,797		$	157,869

Interest expense on the EIDL Loan for the three months ended September 30, 2023 and 2022 was $1,361 and $1,501, respectively.

Interest expense on the EIDL Loan for the nine months ended September 30, 2023 and 2022 was $4,172 and $4,418, respectively.

Subsequent to quarter end, WCI’s EIDL Loan was paid in full. See Note 20.