Last night, the Small Business Administration (SBA) and Treasury Department published a form promissory note for use with Paycheck Protection Program loans.  The form Note is SBA Form 147 (06/03/02) Version 4.1

Key Highlights:

  • The form Note still references certain definitions like “Collateral” and “Guarantor” as well as the default and rights of lender on default that are not supported by the language CARES Act and the PPP program.
  • Borrowers and lenders are advised caution in using this form Note at this time as many of the provisions are not applicable or enforceable under the CARES Act or the regulations and guidance issued to date.
  • Some lenders have funded, and may continue to fund, PPP loans under their own modified forms.

The fillable form can be found here:

A printable version of this information can be found by clicking HERE.


Authors: Mark Brasee

This article has been prepared for general information purposes and (1) does not create or constitute an attorney-client relationship, (2) is not intended as a solicitation, (3) is not intended to convey or constitute legal advice, and (4) is not a substitute for obtaining legal advice from a qualified attorney. Always seek professional counsel prior to taking action.