Note 14 - Paycheck Protection Program Loan

12 Months Ended

Dec. 31, 2020

14.	Paycheck Protection Program Loan

Our PPP Loan is evidenced by a promissory note, dated as of

April 7, 2020 (

the "Note"), between us and JPMorgan Chase Bank, N.A. (the "Lender"). The note has a

two

-year term, bears interest at the rate of

0.98%

per annum, and

may

be prepaid at any time without payment of any premium or penalty. Under current statutes,

payments of principal or interest are due until

July 25, 2021 (

the "Deferral Period"). The principal and accrued interest under the Note is forgivable after an

eight

- or

-week period if we used the PPP Loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and otherwise comply with PPP Loan requirements. The selection of the

eight

- or

-week period is at our discretion. In order to obtain forgiveness of the PPP Loan, we must submit a request and provide satisfactory documentation regarding our compliance with applicable requirements. We must repay any unforgiven principal amount of the Note, with interest, on a monthly basis following the Deferral Period. We have used the proceeds of the PPP Loan for eligible purposes and intend to pursue forgiveness, although we

may

have taken or

may

in the future take action that could inadvertently cause some or all of the PPP Loan to become ineligible for forgiveness.

The Note contains customary events of default relating to, among other things, payment defaults and breaches of representations or warranties. The occurrence of an event

may

result in the repayment of all amounts outstanding, collection of all amounts owing from us, or filing suit and obtaining judgement against us.

December 31, 2020

and

December 31, 2019,

the PPP Loan balance was as follows (in thousands):

	December 31, 2020		December 31, 2019
PPP Loan, .98%, due April 2022:
Principal	$	1,572	$	—
Accrued interest		12		—
	$	1,584	$	—

PPP Loan payable:
Current portion	$	950
Long-term portion		634
	$	1,584	$	—