Paycheck Protection Program (PPP) Safe Harbor Deadline Extended to May 14th
Post date
May 05, 2020
Body
By Ivan H. Golden, Hahn Loeser
The repayment deadline has been extended for firms to return Paycheck Protection Program loans by one week, from May 7th to May 14th. You can review their new guidance here.
Recent guidance from the U.S. Small Business Administration (“SBA”) is causing some businesses to reconsider whether they are eligible for Paycheck Protection Program (“PPP”) loans and to contemplate returning loans they have already received.
The SBA published new guidance that raises questions about all businesses’ eligibility for PPP loans and that it will review all loans in excess of $2 million.
Any borrower that applied for a PPP loan prior to the issuance of this guidance and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required certification in good faith.