Today, the President signed the Paycheck Protection Program Flexibility Act of 2020 (“the Act”) into law, making key modifications to the Paycheck Protection Program.
Continue Reading Paycheck Protection Program Flexibility Act Implements Significant Revisions to the PPP
PPP Borrowers Who Received Loans of Less than $2 Million Deemed to Have Made Certification in “Good Faith;” Safe Harbor Return Period Extended to May 18
By Lindsey A. White & Paul Burgin on
Posted in Legislative Developments
The Small Business Administration (SBA), in consultation with the Department of the Treasury, updated its Frequently Asked Questions (FAQs) to address the “necessity certification” in the Paycheck Protection Program (“PPP”) loan application and to extend the repayment period of “unnecessary” PPP loans to May 18 in order to allow entities to review the new guidance. The loan application requires certification that “[c]urrent economic uncertainty makes this loan necessary to support the ongoing operations of the Applicant.”
Continue Reading PPP Borrowers Who Received Loans of Less than $2 Million Deemed to Have Made Certification in “Good Faith;” Safe Harbor Return Period Extended to May 18