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PPP borrowers have to certify in good faith that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” The SBA will assume that anyone who applied for a PPP loan before April 24, 2020 and who repays it in full by May 7, 2020 has made this certification in good faith. Will the SBA allow for extension of the May 7, 2020 date so that borrowers who repay after May 7, 2020 are also assumed to have made the certification in good faith?
Yes. SBA is extending the repayment date for this safe harbor to May 14, 2020. Borrowers do not need to apply for this extension. This extension will be promptly implemented through a revision to the SBA’s interim final rule providing the safe harbor. SBA intends to provide additional guidance on how it will review the certification prior to May 14, 2020.
