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SBA Extends Safe-Harbor Period for Returning PPP Funds
As mentioned during Gray, Gray & Gray's " Demystifying Key Issues of the Paycheck Protection Program" webinar yesterday , the U.S. Small Business Administration (SBA) has extended the safe-harbor period for returning PPP funds from May 7th until May 14th, 2020.

The SBA's initial May 7th deadline for returning funds was intended for companies that received PPP funds but later found that they were unable to certify in "good faith" that their PPP loan was necessary.

Guidance issued on May 5th stated that the extension will be promptly implemented through a revision to the SBA's  interim final rule  providing the safe harbor. The SBA intends to provide additional guidance before May 14th on how it will review borrowers' certifications.

If you have questions about the Paycheck Protection Program, please contact Gray, Gray & Gray at (781) 407-0300.
Stay tuned for announcement of additional webinars in our "Managing Your Business Through the COVID-19 Crisis" series!
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