Quarterly report pursuant to Section 13 or 15(d)

Long Term Debt

v3.20.2
Long Term Debt
6 Months Ended
Jun. 30, 2020
Long Term Debt  
Long Term - Debt

NOTE 4 - LONG TERM-DEBT

 

On May 12, 2020 the Company received a Paycheck Protection Program loan from the U.S. Small Business Administration in the approximate amount of $71,000. The loan agreement provides for six months principal and interest deferral. The interest rate is 1%. Under the terms of the loan, up to 100% of the loan may be forgiven conditioned upon meeting certain requirements for the use of funds. Any amount not forgiven must be repaid in eighteen monthly consecutive principal and interest payments beginning December 2020. As of June 30, 2020, the balance due on this note was approximately $71,000.