PAYCHECK PROTECTION PROGRAM LOAN
|3 Months Ended|
Mar. 31, 2021
|PAYCHECK PROTECTION PROGRAM LOAN|
|NOTE 12 - PAYCHECK PROTECTION PROGRAM LOAN||
On May 14, 2020 the Company executed a promissory note evidencing an unsecured loan in the amount of $28,000 under the PPP, which was established under the CARES Act and is administered by SBA. The Loan has been made through Citizens Business Bank (“Lender”).
Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of loan granted under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. The Company has applied for forgiveness of all of loan granted under the PPP and forgiveness of PPP loan been granted effective March 17, 2021.The Company recognized a gain from the forgiveness of the PPP loan that is included in other miscellaneous income on the statement of operations.