UPDATE: New Guidance from the SBA on PPP Loans
May 13, 2020
Some of the highlights include:
- Any borrower that, together with its affiliates, received loans of not more than $2 million in the aggregate qualify under safe harbor and do not need to be returned.
- If the SBA determines in the course of its review that a borrower lacked an adequate basis for the required certification concerning the necessity of the loan request, SBA will seek repayment of the outstanding PPP loan balance and will inform the lender that the borrower is not eligible for loan forgiveness. If the borrower repays the loan after receiving notification from SBA, SBA will not pursue administrative enforcement or referrals to other agencies based on its determination with respect to the certification concerning necessity of the loan request.
The full list of questions and answers can be found HERE.
If you have any questions about the Paycheck Protection Program, please contact the Shulman Rogers attorney with whom you regularly work or click HERE to connect with a member of the Shulman Rogers Business and Financial Services Department.