Note 4 - PPP Loan Payable

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

Note

4.

PPP Loan Payable

The Company received funding under the Paycheck Protection Program (PPP) as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), administered by the U.S. Small Business Administration. Under the terms of the Note, the Company received total proceeds of

$813,500

bearing interest at a rate of

1%

per annum with a maturity date of

April 15, 2022.

In addition, principal and interest payments will be deferred for the

first

six

months of the loan. The loan is subject to the terms and conditions applicable to loans administered by the U.S. Small Business Administration under the CARES Act. The Company used the proceeds for payroll costs and other permitted expenses. Under the terms of the PPP, 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. The Company's loan forgiveness documentation is in the process of being filed with the Small Business Administration.  The determination of how much of the loan, if any,

may

be subject to forgiveness will be determined by the Small Business Administration.