Short-Term Notes Payable
|12 Months Ended|
Dec. 31, 2020
|Debt Disclosure [Abstract]|
|Short-Term Notes Payable||
6. Short-Term Notes Payable
The Company had the following short-term notes payable as of December 31, 2020 and 2019:
Paycheck Protection Program
On May 5, 2020, the Company received loan proceeds in the amount of $132,088 under the Paycheck Protection Program (the “PPP”). The PPP, established by the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) administered by the Small Business Administration, provides for loans to qualifying businesses for amounts up to 2.5 times the average monthly payroll expenses of the qualifying business. The loan and accrued interest were subject to forgiveness after an initial period of eight weeks (extended to twenty-four weeks on June 5, 2020) as long as the Company used the proceeds for eligible purposes, including payroll, benefits, rent, and utilities and maintains it payroll levels. On November 19, 2020, the Company received notice from the Small Business Administration that the loan amount of $132,088 plus accrued interest had been forgiven.
The entire disclosure for short-term debt.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef