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ARTICLE · 18 MAY 2020

SBA Creates New PPP Safe Harbor Rule, Extends Deadline To May 18

Ward and Smith, P.A
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It has been more than a week since the Small Business Administration ("SBA") extended the safe harbor deadline to May 14 for borrowers of Paycheck Protection Program ("PPP") loans to return their PPP loans.

United StatesFinance and Banking
Thomas J. Zamadics, Jr.
Thomas J. Zamadics, Jr.

[Ed. Note: This article has been updated to address FAQ 47, published on May 13, which extends the original safe harbor deadline to May 18 for PPP borrowers to return their loans.  The deadline extension is applicable to PPP borrowers who have received loans in excess of $2 million and want to return their PPP loans to take advantage of the SBA's original safe harbor rule.]

It has been more than a week since the Small Business Administration ("SBA") extended the safe harbor deadline to May 14 for borrowers of Paycheck Protection Program ("PPP") loans to return their PPP loans. 

According to previous SBA guidance, a borrower who applied for a PPP loan before April 24 and returns the PPP loan in full by the deadline will be deemed by the SBA to have made the certification that "current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant" in good faith.  As a reminder, all PPP loan applicants were required to make

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