Paycheck Protection Program Loan	6 Months Ended
Jun. 30, 2021
Paycheck Protection Program Loan.
Paycheck Protection Program Loan	6. Paycheck Protection Program Loan In April 2020, the Company received loan proceeds of $717,000 (“PPP Loan”) under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act, provides for loans to qualifying businesses for amounts up to 2.5 times the average monthly payroll expenses of the qualifying business, calculated as provided under the PPP. The PPP Loan is unsecured, evidenced by a promissory note (the “Note”) given by the Company as borrower through its bank, serving as the lender. The interest rate on the Note is 1.0% per annum. The PPP Loan was outstanding as of June 30, 2021. The PPP provides a mechanism for forgiveness of up to the full amount borrowed after twenty-four weeks as long as the borrower uses the loan proceeds during the twenty-four week period after the loan origination for eligible purposes, including payroll costs, certain benefits costs, rent and utilities costs or other permitted purposes, and maintains its payroll levels, subject to certain other requirements and limitations. In July 2021, the Company received notification of forgiveness of the full loan amount and associated interest from the Small Business Administration. The Company will record the loan extinguishment and related gain in the three months ending September 30, 2021.

Paycheck Protection Program Loan

6 Months Ended

Jun. 30, 2021

6. Paycheck Protection Program Loan

In April 2020, the Company received loan proceeds of $717,000 (“PPP Loan”) under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act, provides for loans to qualifying businesses for amounts up to 2.5 times the average monthly payroll expenses of the qualifying business, calculated as provided under the PPP. The PPP Loan is unsecured, evidenced by a promissory note (the “Note”) given by the Company as borrower through its bank, serving as the lender. The interest rate on the Note is 1.0% per annum. The PPP Loan was outstanding as of June 30, 2021.

The PPP provides a mechanism for forgiveness of up to the full amount borrowed after twenty-four weeks as long as the borrower uses the loan proceeds during the twenty-four week period after the loan origination for eligible purposes, including payroll costs, certain benefits costs, rent and utilities costs or other permitted purposes, and maintains its payroll

levels, subject to certain other requirements and limitations. In July 2021, the Company received notification of forgiveness of the full loan amount and associated interest from the Small Business Administration. The Company will record the loan extinguishment and related gain in the three months ending September 30, 2021.