Debt

9 Months Ended

Sep. 30, 2020

The Company’s carrying value of debt consisted of the following (in thousands):


	September 30, 2020		December 31, 2019
Unsecured promissory note	$	1,080	$	—
Secured term note payable - related party	1,077		2,077
Secured promissory note - related party	5,000		5,000
Insurance and other notes payable	744		558
Less: amounts due within one year	(3,928)		(1,558)
Total long-term debt	$	3,973	$	6,077

On May 8, 2020, the Company received loan proceeds of $1.1 million (the “Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).

The Loan, which is in the form of a promissory note, dated May 8, 2020, between the Company and Cadence Bank, N.A. as the lender (the “Note”), matures on May 8, 2022 and bears interest at a fixed rate of 1.00% per annum, payable monthly commencing on December 2, 2020. There is no prepayment penalty. Under the terms of the PPP, all or a portion of the principal may be forgiven if the Loan proceeds are used for qualifying expenses as described in the CARES Act, such as payroll costs, benefits, rent, and utilities. While no assurance is provided that the Company will obtain forgiveness of the Loan in whole or in part, management believes we currently meet the requirements and the Company intends to apply for forgiveness. With respect to any portion of the Loan that is not forgiven, the Loan will be subject to customary provisions for a loan of this type, including customary events of default relating to, among other things, payment defaults and breaches of the provisions of the Note.

During the nine months ended September 30, 2020 and 2019, the Company recorded interest expense as follows (in thousands):


	September 30, 2020		September 30, 2019
Unsecured promissory note	$	4	$	—
Secured term note payable - related party	57		339
Secured promissory note - related party	224		56
Insurance and other notes payable	24		34
Total interest expense	$	309	$	429

Certain of the agreements governing our outstanding debt have certain covenants with which we must comply. As of September 30, 2020, we were in compliance with all of these covenants.