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Loans Payable
12 Months Ended
Dec. 31, 2020
Loans Payable [Abstract]  
Loans payable

11. Loans payable


2020 Paycheck Protection Program Term Note


In April 2020, the Company entered into a Paycheck Protection Program Term Note (the “PPP Note”) with CountryBank in the amount of $42,100. The PPP Note was issued to the Company pursuant to the Coronavirus, Aid, Relief, and Economic Security Act’s (the “CARES Act”) (P.L. 116-136) Paycheck Protection Program (the “Program”). Under the Program, all or a portion of the PPP Note may be forgiven in accordance with the Program requirements. The PPP Note carries a maturity date of April 2022, at a 1% interest rate. No payments are required for six months from the date of issuance. The amount of the forgiveness shall be calculated (and may be reduced) in accordance with the requirements of the Program, including the provisions of the CARES Act. No more than 25% of the amount forgiven can be attributable to non-payroll costs, as defined in the Program. On July 21, 2021 we were notified that the SBA had forgiven the PPP Note in full, the amount will be recorded as other income in 2021. The balance at December 31, 2020 was $42,100 and was included in Other Liabilities on the consolidated balance sheet.