By Benjamin E. Streckert, Mary Ellen Schill and Amy E. Ebeling
May 14, 2020
On May 5th, the U.S. Department of the Treasury (Treasury) extended the PPP loan repayment safe harbor from May 7th to May 14th. In FAQ #47 the Treasury just announced it has extended the deadline once again—this time to May 18th. This extension is intended to give borrowers additional time to consider the SBA’s repayment safe harbor including the recent additional detail on what happens to a borrower if an SBA review leads to a determination that the borrower lacked adequate basis for the required PPP certification concerning the necessity of the loan request.
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