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May 14, 2020
Posted Under: COVID

This is not intended as financial or legal advice. 

Did you receive a PPP loan for less than $2 million? The SBA announced today: “Any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.”  You can learn more here. (question #46).

What does that mean for you as a borrower? The SBA will accept the good faith certification on your PPP application certifying the loan was necessary. The SBA  will not be asking you to submit additional documentation to demonstrate need. You will still need to meet the other guidelines of the PPP program.

As of today, the SBA has not released further guidance on forgiveness. They are working on the guidance, and we will let you know once it is released