On May 14, the Small Business Administration (SBA) added FAQ #47, where the SBA is extending the repayment date to May 18, 2020 for safe harbor consideration. SBA guidance and regulations provide that any borrower who applied for a PPP loan prior to April 24, 2020 and repays the loan in full will be deemed by the SBA to have made the required certification in good faith. The repayment date was extended from May 14, 2020 under FAQ #43.
FAQ #47 comes on the heels of FAQ #46 which was announced on May 13, 2020. FAQ #46 provided additional clarification regarding how the SBA intends to review PPP loan applications for compliance with eligibility requirements under the economic uncertainty standards. See our post regarding FAQ #46.
See the full PPP FAQ for more details.
If you have questions or wish to discuss these matters, please contact us.