The U.S. Treasury Department this week issued new guidance related to the SBA’s Paycheck Protection Program (PPP), clarifying that loans under $2 million will not be subject to further review. Also, the safe harbor deadline for returning PPP loans was extended again, this time to May 18, 2020. No action is necessary to obtain the extension.
For more information, review Question 46 in the SBA’s updated FAQ document, or read insight published by OMA Connections Partners Clark Schaefer Hackett, Thompson Hine, and CliftonLarsonAllen. 5/14/2020