PPP Loan

6 Months Ended

Jun. 30, 2023

Ppp Loan

PPP Loan

9. PPP Loan

On April 18, 2020, the Company entered into a $271,000 loan with Woodforest National Bank, under a program administered by the Small Business Administration (“SBA”) as part of the Paycheck Protection Program (“PPP”) approved under the “Coronavirus Aid, Relief, and Economic Security Act” (“CARES Act”) (Pub. L. No. 116-136). The loan matures in two (2) years and accrues interest at 1% from the origination of the loan. After a 6-month deferral, interest and principal payments are due monthly.

On June 22, 2022, the Company executed a loan modification with Woodforest National Bank (“WNB”) allowing for the repayment of the PPP loan to WNB. The modified loan has a maturity date of April 18, 2025 with a 1% fixed interest rate and monthly principal and interest payments of $7,801 beginning on May 18, 2022. As of June 30, 2023 and December 31, 2022, the balance of the PPP loan is as follows:

	June 30, 2023 (unaudited)			December 31, 2022
Total PPP loan	$	177,612		$	215,776
Less current maturities		(99,963	)		(91,852	)
Long-term portion of PPP loan	$	77,649		$	123,924