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SMALL BUSINESS ADMINISTRATION DEBT
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
SMALL BUSINESS ADMINISTRATION DEBT

NOTE 9 – SMALL BUSINESS ADMINISTRATION DEBT

 

On May 12, 2020 the Company received a Paycheck Protection Program loan from the U.S. Small Business Administration (“SBA”) in the approximate amount of $70,000. The loan agreement provides for six months principal and interest deferral. The interest rate is 1%. Under the terms of the loan, up to 100% of the loan may be forgiven conditioned upon meeting certain requirements for the use of funds. Any amount not forgiven must be repaid in eighteen monthly consecutive principal and interest payments. During the year ended December 31, 2021, the Company was notified that the outstanding principal and accrued interest for the PPP Loan was forgiven in full by the SBA. As of December 31, 2021, the balance due on this note was approximately $0.

 

On January 21, 2021, the Company received a second Paycheck Protection Program loan from the U.S. Small Business Administration in the approximate amount of $73,000. At December 31, 2021, the balance due on the note was $0, as the loan was confirmed as forgiven on August 20, 2021.