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May 18th, 2020
COVID-19 News & Updates
As you know, the Coronavirus is having an impact on business and society. Our thoughts and prayers are with all those impacted by the situation. We will be providing daily and weekly updates about COVID-19 to you. We hope that you find these interesting and informative.
Good News!
SBA Announces PPP Safe Harbor
On May 13th, 2020, the Treasury Department provided additional guidance regarding how the SBA will review borrowers’ good faith certifications with respect to the Paycheck Protection Program. 

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.
 
While this isn’t that different from what we already knew, they have at least now made it very clear that they will not be pursuing good faith certification verifications for those with under $2 million in PPP funding.
 
The SBA determined that borrows with loans below this amount would be far less likely to have had access to adequate sources of liquidity than those receiving PPP loans in larger amounts and will not be audited on their good-faith certification. 
 
Additionally, the SBA recognizes in this guidance that borrowers with loans greater than $2 million may still have an adequate basis for making the required good-faith certification based on their individual circumstances. When reviewed the SBA will look for compliance with the rules set forth in the PPP interim final rules and in the borrower application form. If the SBA determines that a borrower of over $2 million lacks adequate basis for the good faith certification, they will seek repayment of the outstanding loan balance and inform the lender that the loan is not eligible for forgiveness. If the borrower repays the loan after receiving such notification from the SBA, they will not pursue administrative enforcement or referrals to other agencies based on its findings regarding the good faith certification.
Returning to Work? Resources tailored to your business
This site features expert, industry-specific guidance for both businesses and consumers to safely re-open and re-engage as they emerge from the COVID-19 quarantines.

The links below offer specific, easy-to-follow, science-based recommendations for limiting the transmission of the coronavirus while operating a wide variety of businesses, including restaurants, retail outlets, and hair and nail salons, etc.

These guidelines were developed for those smaller business that don't have readily available occupational health and safety resources. We encourage employers, employees, and customers to carefully read and implement as many of the recommendations contained in the guidance document provided for your industry as possible.

We hope this is helpful as you start opening your business back up!
'We're not prepared to go into Phase 2': 130 new cases
of COVID-19 in AR

Thursday May 18th
LITTLE ROCK (KATV) — With 130 new COVID-19 cases reported on Thursday, Arkansas saw one of its biggest jumps in confirmed cases since the virus reached the state in March.

"We don't believe these increases indicate an outbreak, they reflect increased testing in Arkansas," Gov. Asa Hutchinson said during a news briefing this past Thursday.

On behalf of all of our team, please know that we are here for you and that we will continue to do everything we can to support you during this time. Please do not hesitate to let us know if there is anything you need! 

The Hatcher Agency