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SBA Extends 'Safe Harbor' Date for Returning PPP Loan Funds

from Batts, Morrison, Wales & Lee

SBA Extends 'Safe Harbor' Date for Returning PPP Loan Funds Batts, Morrison, Wales & Lee The Small Business Administration announced that it is extending to May 14 a “safe harbor” date for returning PPP loan funds and that it will be issuing guidance on its review process prior to the new safe harbor date. In our Alert dated April 29, we noted that the SBA and the Treasury Department had announced intentions to scrutinize PPP loans for eligibility. Amidst public criticism of borrowings by certain large and high-profile companies, the SBA and Treasury are focusing on the fact that loan applicants make a good-faith certification as part of the application process that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” READ MORE

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