On Wednesday, May 13, 2020, the Small Business Administration updated their Frequently Asked Questions regarding the Paycheck Protection Program. The full list can be found here.
The SBA, together with the Department of the Treasury, update their guidance on a regular basis to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Noteworthy is new question no. 46, assuring business owners with loans under $2 million that they are automatically deemed to have made the loan request in good faith, and won’t face any additional scrutiny concerning its necessity.
To learn more about the Program, read our article CARES Act Update: Paycheck Protection Program Loan.
The SBA is expected to issue further PPP loan forgiveness guidelines soon. We will continue to update you with further developments. To receive the latest information, sign up for our up-to-the-minute status updates and news.
For any assistance or questions, contact us.