As the clock counts down for employers who are rethinking their Paycheck Protection Program (PPP) eligibility and considering repaying their loans, last minute relief comes from the Small Business Administration (SBA). Under question #47 of the final guidance on the PPP, the SBA extended the PPP safe harbor loan repayment deadline to Monday, May 18, 2020. Employers do not need to apply for the extension, but can take the extra time if they need it.
Furthermore, the SBA issued interim final rules allowing banks to issue additional loans to partnerships (to cover partner income) and seasonal employers. If a borrower has already received a loan, they can request more funding.
Learn more about recent updates to safe harbor repayment criteria here, or access the full text of SBA guidance here. Please contact Principals James Ortiz or Christina Roderick to discuss any concerns you may have regarding your PPP loan, forgiveness calculations, and other PPP issues.
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