The Small Business Administration (SBA) has extended the timeline for companies to pay back funds for loans they received from the Paycheck Protection Program (PPP) to May 14th (from the original May 7th deadline).
The PPP loan program can be complex and confusing, and as the SBA continues to provide information, many businesses are wondering if they should return the loans. Those businesses who wish to return the funds have until May 14th to do so.
The SBA has indicated that if the money is returned by May 14th, the company will be deemed to make the required certification (detailed below) in good faith.
Does your business qualify for the PPP Loan?
The Frequently Asked Questions (FAQ) document released by the SBA provides the following guidance:
SBA intends to provide additional information and clarifications surrounding this issue prior to the new May 14th deadline. SVA suggests you talk with your CPA to discuss how the rules may apply to your business.