On May 13, 2020, the United States Treasury Department (the Treasury) issued an update to the PPP FAQs. The update includes Questions 46 and 47. Question 46 appears to be the "additional guidance" promised in the answer to Question 43, regarding how the Treasury will review a borrower's certification to determine whether or not it was made in "good faith".
The answer to Question 46, states,"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."
Question 47, then extends the May 14 deadline for repayment of a PPP loan to May 18, giving PPP borrowers additional time to review this new guidance provided in Question 46. The current FAQs are available at the following link:
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