Loan Payable (Details) |
May 05, 2020
USD ($)
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Loan Payable (Details) [Line Items] | |
CARES Act, description | The CARES Act was established in order to enable small businesses to pay employees during the economic slowdown caused by COVID-19 by providing forgivable loans to qualifying businesses for up to 2.5 times their average monthly payroll costs. The amount borrowed under the CARES Act and used for payroll costs, rent, mortgage interest, and utility costs during the 24 week period after the date of loan disbursement is eligible to be forgiven provided that (a) the Company uses the PPP Funds during the eight week period after receipt thereof, and (b) the PPP Funds are only used to cover payroll costs (including benefits), rent, mortgage interest, and utility costs. While the full loan amount may be forgiven, the amount of loan forgiveness will be reduced if, among other reasons, the Company does not maintain staffing or payroll levels or less than 60% of the loan proceeds are used for payroll costs. |
Interest rate | 1.00% |
Debt maturity term | 2 years |
Paycheck Protection Program [Member] | |
Loan Payable (Details) [Line Items] | |
Unsecured loan payable | $ 293,972 |