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LONG-TERM DEBT
9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Long-term Debt [Text Block]

5 LONG-TERM DEBT

 

On April 27, 2020, we received loan proceeds in the amount of $163,200 from the Small Business Administration (“SBA”) under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest are forgivable after twenty-four (24) weeks as long as the loan proceeds are used for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness may be reduced if we terminate, lay-off or furlough employees or reduce salaries during the period.

 

On June 4, 2021, the SBA approved full loan forgiveness of $163,200 including forgiveness of all interest accrued on the loan.