Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

9.     SUBSEQUENT EVENTS

In April 2020, the Company submitted an application to Quad City Bank & Trust, which it approved, pursuant to the Small Business Association, which it approved, for a loan to be made in association with the federally authorized Paycheck Protection Program (Program). The approximate amount of such approved loan is $1.6 million. In accordance with the interim Department of Treasury regulations, portions of this loan amount utilized by the Company for qualifying business expenses as authorized by the Program may be eligible for forgiveness without debt relief income effect to the Company.

The Company obtained in May 2020 a $4.0 million loan from the Federal Home Loan Bank of Chicago (FHLBC) as a precautionary measure to increase its cash position and compensate for potential reductions in premium receivable collections as a result of the Company’s announcement in March 2020 to temporarily suspend all insurance premium billing for 30 days.