SBA Extends Safe-Harbor Period to 5/18 for Returning PPP Funds

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SBA Extends Safe-Harbor Period to May 18th
for Returning PPP Funds

The U.S. Treasury and Small Business Administration (SBA) released additional guidance on Paycheck Protection loans and has extended the safe-harbor period for returning PPP funds from May 14th until May 18th, 2020.

New guidance was set forth in the Paycheck Protection Program Loans Frequently Asked Questions #47 . This deadline extension is automatic and borrowers do not need to apply for it.

The SBA's initial 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.

If you have questions about the Paycheck Protection Program, please contact Gray, Gray & Gray at (781) 407-0300.

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