PPP Safe Harbor Repayment Date Extended to May 14th

Ruder Ware
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In FAQ #43, Treasury announced it has extended the PPP loan repayment safe harbor to May 14, 2020 (from the original May 7, 2020 deadline). This extension is presumably in recognition of the fact that additional guidance is necessary regarding the borrower’s certification that “current economic uncertainty makes this loan request necessary to support the ongoing operati ons of the Applicant.” FAQ #43 states the SBA intends to issue additional guidance prior to May 14th.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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