Payroll Protection Program Loan

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Payroll Protection Program Loan

Note 7. Payroll Protection Program Loan

On April 11, 2020, the Company received approval from the U.S. Small Business Administration (“SBA”) to fund the Company’s request for a Payroll Protection Program Loan (“PPP Loan”) created as part of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) administered by the SBA. In connection with the PPP Loan, the Company has entered into a promissory note in the principal amount of $361,400. In accordance with the requirements of the CARES Act, the Company intends to use the proceeds from the PPP Loan primarily for payroll costs. The PPP Loan was scheduled to mature on April 11, 2022, has a 1.00% interest rate, and is subject to the terms and conditions applicable to all loans made pursuant to the PPP.

For the three months ended March 31, 2022 and 2021, respectively, the Company incurred zero and $911 in interest expense related to the PPP Loan.