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What are the Legal Conditions and Provisions of PPP Loans for Business Owners to be aware of?

  1. What is the PROMISE TO PAY?
    Borrower promises to pay to the order of Lender the Note Amount, plus interest on the unpaid principal balance at the Note Rate, and all other amounts required by this Note.
  2. Core Definitions to be aware of when applying for loan
    “CARES Act” means the Coronavirus Aid, Relief, and Economic Security Act, as amended, and the applicable Paycheck Protection Program rules, interim rules, regulations, guidance and Frequently Asked Questions.
    “Covered Period” means the period beginning on the date on which the proceeds of the Loan are disbursed to Borrower and ending on any date selected by Borrower that occurs during the period (i) beginning on the date that is 8 weeks after the date of disbursement, and