COVID-19 Questions & Answers

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We know that there are a lot of questions that manufacturers have at this time. Use the form above and we will answer your inquiry or direct your question to the appropriate federal or state agency for guidance. Below you can find answers to questions already asked:

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.

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.