Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On May 28, 2020, Omnitek Engineering Corp. (the "Company") receive funds
pursuant to a Paycheck Protection Program loan (the "SBA Loan") from Riverview
Bank, under the recently enacted Coronavirus Aid, Relief, and Economic Security
Act ("CARES Act") administered by the U.S. Small Business Administration. The
Company received total proceeds of $100,000 from the SBA Loan. In accordance
with the requirements of the CARES Act, the Company will use proceeds from the
SBA Loan primarily for payroll costs. The SBA Loan is scheduled to mature on May
22, 2022 and has a 1.00% interest rate and is subject to the terms and
conditions applicable to loans administered by the U.S. Small Business
Administration under the CARES Act.
The foregoing description of the SBA Loan is qualified in its entirety by
reference to the Promissory Note filed as Exhibits 10.1 to this Current Report
on Form 8-K, which is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits. The following exhibits are either filed as a part hereof or
are incorporated by reference. Exhibit numbers correspond to the numbering
system in Item 601 of Regulation S-K.
Exhibit
Number Description of Exhibit
10.1 Promissory Note with Riverview Bank dated May 22, 2020
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