UPDATED (5/14/20): Payroll Protection Program Loans – Frequently Asked Questions (FAQs)
Published by
Laura Sprouse
on
MAY 14, 2020
The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). In the May 13th update of the Paycheck Protection Program Frequently Asked Questions, the Small Business Administration provided new guidance regarding how they will review borrowers’ required good-faith certification concerning the necessity of their loan request. See question #46.
Additionally, the SBA has extended the safe harbor date to May 18 per FAQ #47.
Below is the latest FAQ update.