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.
Continue readingTag Archives: PPP Loan update
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.
Continue readingPPP 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.”
Continue readingPPP 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.
Continue readingSBA’s Paycheck Protection Program: What’s Going On with Affiliation?
Since the SBA’s Paycheck Protection Program went into effect last Friday, there has been considerable confusion about eligibility and, in particular, what affiliation rules apply to program applicants. The affiliation rules are important for helping companies determine if they can seek out these important loans.
In this post, we’ll let you know which affiliation rules apply to the program’s applicants and explain some exceptions to the applicable affiliation rules.
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