What FAQ #43 means for your PPP Loan
Yesterday, the SBA and Treasury Department released FAQ #43 (see the very end of the document). This updates the safe-harbor repayment date for Paycheck Protection Program (PPP) loans from May 7 to May 14. You do not need to apply for this extension.
As a reminder from our previous email, repayments made by May 14, 2020 will meet the eligibility requirements for the assertion that "Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant." The certification will be deemed to have been made in good faith.
FAQ #43 also states that SBA will provide additional guidance on how it's reviewing the certification before May 14, 2020. We will send out updates when additional guidance is available.
If you have questions on this update, do not hesitate to contact a member of your Chortek team.
