Last night, the U.S. Small Business Administration extended the safe harbor deadline for the repayment of Paycheck Protection Program loans from May 14, 2020 to May 18, 2020. The stated reason for the last minute extension is for borrowers to have the opportunity to review and consider the SBA's new guidance regarding the required certification that the loan is necessary to support ongoing operations (see yesterday's S&H Client Alert). Borrowers who repay their PPP loans in full by the new May 18, 2020 deadline will be deemed to have made the required necessity certification in good faith.
Originally published May 14, 2020.
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