ALERT: New PPP Guidance Issued
ALERT: New PPP Guidance Issued
On May 13, 2020, the SBA extended the repayment date to May 18, 2020. On May 5, 2020, SBA announced an extension of one week, to May 14, 2020, if an applicant wants to repay a PPP loan. Per FAQ #43, borrowers do not need to apply for the extension and additional guidance will be provided by SBA on how it will review the certification prior to May 14, 2020.
The Small Business Administration on April 26 updated its FAQs to provide some clarity about program specifications. Click here and scroll to question 31 for full details.
Any business that received a PPP loan before the SBA issued its new guidance — and that believes they DO NOT demonstrate necessity for the loan — can repay the full loan by May 7, 2020. The SBA will deem any business that repays the loan by that date to have made the required good faith certification on their PPP application.
If you decide that the loans were necessary to keep your businesses viable during this economic downturn, it’s crucial that you maintain accurate, detailed records to support your decision. If your business is audited, having these records can help minimize any punitive damage or negative allegations related to your receipt of funding.
Throughout this challenging situation that’s ever shifting, please know that we are here to help you any way possible. Make sure to talk to your advisor if you have any questions.
We know that rules and guidance are changing moment by moment, and we’ll do our best to keep you updated quickly so you can make good, smart decisions for you and your business.
If there’s anything we can do for you, please don’t hesitate to let us know.
This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.
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