Over the past several days there has been significant media attention and new guidance issued relative to the SBA’s Paycheck Protection Program (PPP) loans. What’s emerging is additional information related to eligibility for the loans and post loan reviews planned by the SBA. If you have a PPP loan, please review Questions 31, 37 and 39 from the SBA’s FAQ documents which can be found at the link below.
Some lenders are now communicating with PPP borrowers on this topic and making arrangements for those who decide to repay their PPP loans now. This is an urgent and time sensitive issue as Question 31 provides a safe harbor deadline of May 7 for repayment.
Each borrower is responsible for determining eligibility and each business represents unique circumstances. As the guidance referenced herein continues to evolve, we are available to assist you in understanding the guidance to the extent we can. You may also want to consult your legal advisors as well.
Finally, we are still waiting on the PPP loan forgiveness guidance and the AICPA has made a series of recommendations to the SBA in this regard. Though we are unable to predict when such guidance will be issued, we will release an updated newsletter when additional information is made available.
For the latest SBA FAQs, please click link below:
Paycheck Protection Program FAQs
We are working quickly to help our clients during this time, and we hope the information provided herein is helpful to you.
As always, please do not hesitate to contact your C&J engagement team members regarding further information related to your specific situation.