Long-Term Debt

9 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

Note 7. – Long-Term Debt

Long-term debt consisted of the following:

	March 31, 2021			June 30, 2020
CARES Act Paycheck Protection Plan Loans	$	3,234		$	3,234
Capital Lease		98			124
Less current maturities		(1,272	)		(1,401	)
Long-term Debt	$	2,060		$	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 were 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 weeks to 24-weeks. The borrowing subsidiaries must apply for loan forgiveness with the bank within eleven months after the allowable use period. As of the date of this filing, the Company has applied for loan forgiveness (but has not received) for $287 of its PPP loans. 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.