Debt.

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

DEBT.

6. DEBT.

Long-term borrowings are summarized as follows (in thousands):

	June 30, 2021			December 31, 2020
Kinergy line of credit	$	56,918		$	32,512
Pekin revolving loan		7,580			20,580
ICP revolving loan		9,384			9,384
Parent notes payable		723			25,533
CARES Act loans		5,973			9,860
		80,578			97,869
Less unamortized debt premium		—			230
Less unamortized debt financing costs		(70	)		(759	)
Less short-term portion		(23,660	)		(25,533	)
Long-term debt	$	56,848		$	71,807

Parent Notes Payable – On May 14, 2021, with proceeds from the Company’s sale of its Madera, California facility, the Company repaid $19.3 million of principal on its notes payable, resulting in an aggregate balance of $0.7 million.

CARES Act Loans – On May 4, 2020, Alto Ingredients, Inc. and Alto Pekin, LLC, or Alto Pekin, received loan proceeds from Bank of America, NA under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), through the Paycheck Protection Program administered by the U.S. Small Business Administration (“SBA”). Alto Ingredients, Inc. received $6.0 million and Alto Pekin received $3.9 million in loan proceeds. Under the terms of the loans, certain amounts may be forgiven if they are used for qualifying expenses as described in the CARES Act. In June 2021, the SBA approved Alto Pekin’s forgiveness application for the full amount of $3.9 million, and accordingly, the Company recognized income from loan forgiveness for the three months ended June 30, 2021. The Company has applied to the SBA for forgiveness of the Company’s remaining loan. The SBA may audit the loan forgiveness applications and further examine eligibility for forgiveness, including the facts and circumstances existing at the time the loans were made. The Company can provide no assurances that any loan forgiven will not require repayment following an audit by the SBA.

Maturities of Long-term Debt – The Company’s long-term debt matures as follows (in thousands):

December 31:
2021	$	723
2022		22,937
2023		56,918
	$	80,578

Restrictions – At June 30, 2021, there were approximately $245.7 million of net assets at the Company’s subsidiaries that were not available for transfer to Alto Ingredients, Inc. in the form of dividends, loans or advances due to restrictions contained in the credit facilities of the Company’s subsidiaries.