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Paycheck Protection Program Promissory Note
6 Months Ended
Jun. 30, 2021
Paycheck Protection Program Promissory Note [Abstract]  
Paycheck Protection Program Promissory Note

Note 8—Paycheck Protection Program Promissory Note

In May 2020, the Company entered into a $2.0 million Paycheck Protection Program Promissory Note and Agreement (“PPP Promissory Note”) with a commercial bank under the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. The PPP Promissory Note bore an interest rate of 1.0% per annum. Under the terms of the PPP Promissory Note, payments would have been due monthly beginning November 1, 2020 and the principal amount of the PPP Promissory Note along with any unpaid interest would be due on May 3, 2022. On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (the “PPPFA”) extended the deferral period for all loans to 10 months after the last day of the covered period. Under the revised terms, payments would have been due beginning August 2021 and the principal amount along with unpaid interest would be due in May 2022. The principal and interest may be forgiven if the proceeds are used for forgivable purposes as defined by the terms in the PPP Promissory Note. The Company applied for full forgiveness under the provisions of the CARES Act in March 2021 and received approval by the Small Business Administration on June 24, 2021. Gain on extinguishment of the PPP promissory note is recorded in other income on the condensed statements of operations.  Interest expense for the three months ended June 30, 2021 and 2020 was approximately $5,000 and $3,000, respectively. Interest expense for the six months ended June 30, 2021 and 2020 was approximately $10,000 and $3,000, respectively.