SBA Extends Safe Harbor Date for Returning PPP Funds to May 14

SBA Extends Safe Harbor Date for Returning PPP Funds to May 14

COVID-19 Business Update

The U.S. Small Business Administration (SBA) has extended the safe-harbor period for returning Paycheck Protection Program (PPP) funds to May 14.  A May 7th deadline for returning funds was initially provided by the SBA for companies that received PPP funds but later found that they were unable to certify in good faith that their PPP loan was necessary.  The SBA intends to provide additional guidance before May 14 on how it will review borrowers’ certifications.

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