XML 23 R13.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payble
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Notes Payble

NOTE 7 – NOTES PAYABLE

 

In June 2020, the Company received a Small Business Administration (“SBA”) Emergency Injury Disaster Loan (“EIDL”) in the amount of $150,000. The maturity date of the 30-year note is June, 2050. Interest will accrue at a rate of 3.75% per annum. Payments will begin in June 2021.

 

The Company also received three separate SBA Payroll Protection Loans in the amounts of $186,300, $101,800, and $20,900 for a total of $309,000. Each loan includes an interest rate of 1% and a maturity date of April 14, 2022; however, the Company believes that 100% of these loans will be forgiven based upon current loan SBA forgiveness guidelines. As of September 30, 2020, all loan proceeds have been recorded as forgiven and have been recorded as Other Income.

 

In conjunction with the Notes Payable, the Company received $10,000 in an SBA Emergency Injury Disaster Grant. This amount was recorded as Other Income.