04/08/2020 | News release | Distributed by Public on 04/08/2020 13:11
There is significant movement on the SBA loan guidance out of Treasury today. First new guidance is now available HERE. You will see answers to two of the most prominent questions bankers have had:
19. Question: Do lenders have to use a promissory note provided by SBA or may they use their own?
Answer: Lenders may use their own promissory note or an SBA form of promissory note.
20. Question: The amount of forgiveness of a PPP loan depends on the borrower's payroll costs over an eight-week period; when does that eight-week period begin?
Answer: The eight-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. The lender must make the first disbursement of the loan no later than ten calendar days from the date of loan approval.