Note Payable

12 Months Ended

Dec. 31, 2021

Note Payable

Note 7. Note Payable

Note 8. Note Payable

	December 30, 2021			December 31, 2020
Term note with a bank secured by car, payable in monthly installments of $660, including interest at 3.99% through February 27, 2025	$	19,879		$	29,070
Paycheck Protection Program		-			51,113
Term note with a bank secured by car, payable in monthly installments of $336, including interest at 6.54% through May 26, 2027		18,143			-
Total long-term debt		38,023			80,183
Less: current portion		(10,174	)		(6,875	)
Long-term debt net of current portion	$	27,849		$	73,308

On April 28, 2020, the Company secured a construction loan to be used to develop the land purchased in the third quarter of 2019. The loan is for $221,000, bears interest at the rate of 6.25% and is repayable on April 28, 2022. As of December 31, 2021, no proceeds have been drawn on this instrument.

On May 7, 2020, the Company received $51,113 of proceeds from the Small Business Administration’s Paycheck Protection Program (“PPP Loan”). The funds will be subject to repayment and a 1% interest rate if not forgiven in accordance with the program. During the year ended December 31, 2020, the Company applied for loan forgiveness under the provisions of Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The forgiveness application was reviewed by both the lending bank and SBA. On April 27, 2021, the Company was notified that the outstanding principal and accrued interest for the PPP Loan was forgiven in full by the SBA.