On May 13, 2020, the Small Business Administration ("SBA") issued FAQ # 46 dealing with its plan to review certain PPP loans (in response to COVID-19) to determine if the “necessity” certification was made in good faith by...more
5/16/2020
/ Borrowers ,
Business Necessity ,
CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Good Faith ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
Small Business Loans
On May 5, 2020, the Small Business Administration extended the time in which certain borrowers of Paycheck Protection Program loans may take advantage of the certification safe harbor SBA announced on April 24, 2020. The SBA...more
The Small Business Administration emphasizes that businesses who participate in the Paycheck Protection Program must make a good faith certification that the loan request is “necessary” to support ongoing operations due to...more