The Small Business Administration (SBA) has extended the deadline for borrowers to repay Paycheck Protection Program (PPP) loans if they cannot certify in good faith that the funds are necessary to support ongoing operations.
The SBA previously set the safe harbor at May 7, 2020. The repayment deadline is now May 14, 2020.
This still leaves only a week for borrowers to determine their eligibility for PPP relief. Eligible borrowers should document this need and be prepared to substantiate it.
Legal Guidance for PPP Borrowers
Join us today, May 6, at 12:30p.m. EDT for a special webinar, Countdown to PPP Certification Deadline, as our emergency loan consultants host special guest, Matthew E. Rappaport, Esq., LL.M. of Falcon Rappaport & Berkman PLLC, for a legal perspective on determining and documenting PPP eligibility. Access the webinar recording.