U.S. Treasury Extends Safe Harbor to Return Funds Wrongly Issued Under the Paycheck Protection Program

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On May 5, 2020, the U.S. Treasury extended the safe harbor from May 7, 2020 to May 14, 2020 for businesses to return funds wrongly received under the Paycheck Protection Program. In addition, the newly released guidance provides that the Small Business Administration (SBA) will issue additional guidance prior to May 14, 2020 on how the SBA will review the good faith certification on the application form that "[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant."

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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