News & Advocacy Alerts: Advocacy Alerts

PPP Safe Harbor EXTENDED Again; Deadline Now May 18, 2020

Thursday, May 14, 2020  
Posted by: Ann Lupo

SBA has again extended the safe harbor repayment date in FAQ #47:

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.

View the PPP FAQs for details on the Safe Harbor.

We've kept this alert necessarily brief, however, we strongly encourage you to carefully review all sections of the FAQs to better understand the possible implications for your clients/business.

Questions about the content of this Alert should be directed to LCPA State Government Relations Director Linda Babin.