5/14/20 - PPP Frequently asked questions-updated for repayment extension date to May 18, 2020

The Treasury Department just issued additional guidance (#47 on FAQ) on the Paycheck Protection Program. *Taken directly from the FAQ linked above.

47. Question: An SBA interim final rule posted on May 8, 2020 provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required certification concerning the necessity of the loan request in good faith. Is it possible for a borrower to obtain an extension of the May 14, 2020 repayment date?

Answer: Yes, SBA is extending the repayment date for this safe harbor to May 18,

2020, to give borrowers an opportunity to review and consider FAQ #46. Borrowers do

not need to apply for this extension. This extension will be promptly implemented

through a revision to the SBA’s interim final rule providing the safe harbor.

See the full list of frequently asked questions here.

Your professionals at Castellano Korenberg & Co. are always available to assist you through this tough time of trying to make sense of all the new regulations being passed. Stay up to date with the most recent information by visiting castellanokorenberg.com, call us at 516-937-9500, or contact your CK professional for more information.

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