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Long-Term Debt
12 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Long-Term Debt

9. LONG-TERM DEBT

Long-term debt consisted of the following:

 

 

 

June 30,

 

 

 

2021

 

 

2020

 

CARES Act Paycheck Protection Plan Loans

 

$

2,972

 

 

$

3,234

 

Capital lease obligations

 

 

89

 

 

 

124

 

Total

 

 

3,061

 

 

 

3,358

 

Less current maturities

 

 

(3,009

)

 

 

(1,401

)

 

 

$

52

 

 

$

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 was established and 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 is generally available if the loans are used to pay wages, rent, utilities and interest on certain debt during the 24-week period following receipt of the loan proceeds and subject to other Federally-established terms and conditions. During fiscal 2021, we made forgiveness applications for all our PPP loans.  Forgiveness applications were reviewed by both the lending bank and SBA and loan forgiveness amounts were determined. During the quarter ended June 30, 2021, $261 of our PPP loans and $3 of related accrued interest were forgiven by the SBA and $264 was recorded as income relating to the PPP loan forgiveness in the quarter ended June 30, 2021. In July and August 2021, we received notification that the remaining outstanding $2,972 of PPP loans and $38 of related accrued interest was forgiven by the SBA.  During the quarter ended September 30, 2021, we will record $3,010 of income for PPP loan and accrued interest forgiveness.

 

Debt Commitments —Annual required payments of debt and contractual commitments for interest on long-term debt are shown in the following table. The PPP loans of $2,972 included in debt below were forgiven by the SBA in July and August 2021 under the terms of the loan program. The interest rate on variable interest debt is calculated at the interest rate at June 30, 2021.

 

 

 

Debt

 

 

Interest

 

2022

 

$

3,009

 

 

$

43

 

2023

 

 

36

 

 

 

5

 

2024

 

 

16

 

 

 

1

 

2025

 

 

0

 

 

 

0

 

2026

 

 

0

 

 

 

0

 

2027 and after

 

 

0

 

 

 

0

 

Total

 

$

3,061

 

 

$

49