Note Payable

9 Months Ended

Sep. 30, 2020

Note Payable

Note Payable

10.          Note Payable

On April 27, 2020, M&T Bank approved a $465,595 loan to the Company under the Paycheck Protection Program (PPP) pursuant to the Coronavirus Aid, Relief and Economic Security (CARES) Act that was signed into law on March 27, 2020. The loan, evidenced by a promissory note to M&T Bank as lender and dated April 29, 2020, has a term of two years, is unsecured, and is guaranteed by the Small Business Administration (SBA). The loan bears interest at a fixed rate of one percent per annum, with the first six months of interest and principal deferred. Some or all of the loan may be forgiven if the Company complies with certain relevant conditions. Interest expense of approximately $1,200 and $1,900 was recorded in the three and nine months ended September 30, 2020.

A maturity analysis of the note payable as of September 30, 2020 follows:

Future undiscounted cash flows:

(In thousands)
2020 (remaining three months)	$	52
2021		316
2022		104
Thereafter		—
Total		472
Discount factor		(6)
Amounts due within 12 months		285
Non-current liability	$	181