Recently, we provided an outline of the Paycheck Protection
Program (PPP) in
this blog. Since then, banks have been inundated with
applications from business owners. To no surprise, many questions
have surfaced as this historic program is being rolled
out.
The information below focuses on your business after you've
successfully completed your PPP application and your loan
application is processed and approved.
Finalizing your Paycheck Protection Program Loan
After the Paycheck Protection Program application has been
completed, common questions include:
Q: What are the final steps before your business receives the
funds it applied for?
A: Your business must sign a promissory note
with the lender who accepted your application. The U.S. Small
Business Administration (SBA) has now clarified the lender may use its own
promissory note form, or a form used by SBA.
