Long-Term Debt

3 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Note 7. – Long-Term Debt

Long-term debt consisted of the following:

	September 30, 2020			June 30, 2020
CARES Act Paycheck Protection Plan Loans	$	3,234		$	3,234
Capital Lease		116			124
Less current maturities		(1,402	)		(1,401	)
Long-term Debt	$	1,948		$	1,957

CARES Act Paycheck Protection Plan Loans—The CARES Act was enacted by the U.S. government on March 27, 2020. As part of the CARES Act, the PPP loan program is administered by the SBA. In April and May 2020, subsidiaries of the Company received approximately $3,234 of PPP loans through its regular bank. Forgiveness of PPP loans may be available if the loans are used to pay wages, rent, utilities and interest on certain debt during the eight-week period following receipt of the loan proceeds and subject to other Federally-established terms and conditions.  During July 2020, the period for the allowable use of loan proceeds was amended from eight week to allow for 24-weeks allowable usage. The borrowing subsidiaries must apply for loan forgiveness with the bank within ten months after the allowable use period. As of the date of this filing, the Company has not applied for loan forgiveness for any PPP loan. The forgiveness applications will be reviewed by both the lending bank and SBA and a loan forgiveness amount, if any, will be determined. There can be no assurance, however, that any of our PPP loans to us will be forgiven, or if forgiven, the amount of such forgiveness. Loan proceeds not forgiven are payable over two years at a 1% annual interest rate.