PAYCHECK PROTECTION PROGRAM LOAN

9 Months Ended

Sep. 30, 2022

PAYCHECK PROTECTION PROGRAM LOAN

PAYCHECK PROTECTION PROGRAM LOAN

14.  PAYCHECK PROTECTION PROGRAM LOAN

On April 17, 2020, the Company entered into a promissory note in the principal amount of $1,363,000 (the “PPP Loan”) in favor of Independent Bank pursuant to the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), administered by the U.S. Small Business Administration (“SBA”). The PPP Loan’s original maturity date was April 17, 2022 with an interest rate of 1.0% per annum. The PPP

Loan had a prepayment option with no prepayment penalties. The PPP Loan was unsecured and was a non-recourse obligation.

On May 13, 2021, the Company was informed that the SBA granted its request for loan forgiveness for the entire original principal and accrued interest, for a total of $1,377,652. No payments were made prior to receiving forgiveness.