UPDATE: SBA Extends PPP Loan Payback Safe Harbor Provision Deadline (Again!) to May 18

Since our post yesterday, the SBA has once again updated the safe harbor deadline for paying back Paycheck Protection Program loans to Monday, May 18.

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UPDATE: Too Little, Too Late? SBA Updates Guidance on PPP Safe Harbor the Day Before May 14 Deadline

**UPDATE 5/14/20: Since publication of this post, the SBA has now updated the PPP Safe Harbor deadline to May 18. This post has been updated to include this additional information.

Just hours before the first extended May 14 deadline for businesses to return “unnecessary” Paycheck Protection Program loans without penalties, the SBA has published new guidance on how it will review borrowers’ required good-faith certifications.

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PPP Update: New $20 Million PPP Loan Limit for Corporate Groups

On Monday, May 4, the SBA will issue another Interim Final Rule updating the Paycheck Protection Program—this time limiting the “aggregate amount of PPP loans that any single corporate group may receive.”

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PPP Loan Payback? Safe Harbor Provision Lets Companies Pay Back “Unnecessary” Loan Money

**Update 5/6/2020: As of May 5, the SBA updated its PPP FAQ’s, announcing its intention to extend the PPP Safe Harbor period to May 14. This post has been updated to reflect this change.

***Update 5/14/2020: As of May 14, the SBA updated its PPP FAQ’s once again, announcing its intention to extend the PPP Safe Harbor period to May 18. This post has been updated a second time to reflect this change. The SBA has also supplemented its guidance on the Safe Harbor Provision, as discussed here.

If you’re a parent, you might be familiar with the SBA and Treasury Department’s current strategy to crack down on businesses taking Paycheck Protection Program funds when they don’t qualify: if ineligible businesses ‘fess up and return the money by May 14, nobody gets in trouble.

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SBA, Can a Foreign-Owned Entity Receive a PPP Loan or What?

Well, we thought we had this figured out. Yet here we are a week later and we keep hearing conflicting reports.

The question remains, can a foreign-owned company receive a Paycheck Protection Program loan or not? Let’s try to figure it out.

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UPDATE: Paycheck Protection Program Form Now Does not Disqualify Businesses for Foreign Ownership

UPDATE: The form this post references has been revised to ask whether the United States is the “principal place of residence for all employees of the Applicant included in the Applicant’s payroll calculation”.

Based on the text of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the fact that a company has foreign owners shouldn’t necessarily disqualify it from participating in the Paycheck Protection Program (PPP).

But the form used to apply says otherwise.

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Client Spotlight: Penn Parking Fights COVID-19 by Making Face Shields

When you are a business that manages parking lots and garages and then suddenly out of the blue the entire country stops leaving the house, well, you’d be excused for some despair.

But that’s not what Penn Parking, Inc., did. Instead, it decided to help. It is making face shields for doctors, nurses, and other healthcare professionals on the front lines in Maryland, where Penn Parking is located.

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