5/6/20 UPDATE: The Small Business Association (SBA) is granting a seven-day automatic extension to the safe harbor for borrowers to repay their Paycheck Protection Program (PPP) loans. Businesses that applied for a PPP loan before April 24, 2020, and repay that loan in full by May 14, 2020, will be considered by the SBA to have fulfilled the required certification of economic need in good faith.
The SBA is expected to issue additional guidance prior to May 14. We can help decipher and assess any critical legal issues surrounding PPP loan applications and certifications. Please call Andrew Kelleher at 847-682-5367 (cell) or 847-382-9130 (office) with any questions you may have.