Popular Topics
All Topics
- 401k
- Advertising
- Bankruptcy
- borrower
- Business Law
- Business organizations
- CARES Act
- collateralized mortgage-backed securities "CMBS"
- Commercial Lease
- commerical real estate
- compliance
- Contract
- Contractual disputes
- Copyright, Trademark and Other Intellectual Property
- coronavirus
- Corporate Governance
- Corporate Law
- COVID-19
- Delaware corporate law
- Delaware Law
- Department of Labor (DOL)
- Digital Advertising
- distressed real estate
- Employee Benefits
- Employee Practices
- Employee Retirement Income Security Act "ERISA"
- employees
- Employment
- Estate Planning
- event of default
- Exemptions
- Families First Coronavirus Response Act "FFCRA"
- FDA
- Federal Laws & Regulations
- Force Majeure
- FTC
- HIPAA
- Insurance Company
- Insurance Coverage
- Intellectual Property
- IRS
- Law
- Laws
- Legislation
- lender
- Liquidity
- Litigation
- LLC
- loan restructurings
- Loans
- MAE
- Main Street
- Main Street Loans
- New York
- Notice
- Ordinary Course Covenant
- paid family leave
- pandemic
- Paycheck Protection Program (PPP)
- Payroll Protection Program (PPP)
- Privacy
- Property Insurance
- Public Companies
- Public M&A
- Q&A
- Real Estate
- Real Estate Litigation
- real estate restructuring negotiations
- retail
- Retirement Plan
- SEC
- Shareholder Activism
- shelter in place
- Small business
- Small Business Administration (SBA)
- Social Media
- Social Media Marketing
- State Law
- Sweepstakes Law
- Sweeptstakes Contest
- Tax
- Tax Cuts and Jobs Act
- Telemarketing
- Telemarketing Law
- Trademarks
- webinar
Recent Posts
- COVID-19 Resource Guide
- Distressed Real Estate Loan Restructurings in the COVID (and Post COVID) Environment
- Mark Limardo and Michael Passarella Present Webinar on the Paycheck Protection Program 2.0
- Delaware Chancery Court Provides Important Guidance on COVID-19’s Impact on a Buyer’s Obligation to Close:
- Olshan Branding Management and Protection Attorneys Present Webinar on Marketing in the COVID-19 Era to the Bronx Third Avenue BID
- Webinar - Retail Marketing Compliance in Post-COVID Era
- Your Estate Tax Exemption - Use It or Lose It
- Tax Decoupling During COVID-19
- The Continuing Reopening of New York – An Overview of Relevant New York, CDC, OSHA and EEOC Guidelines
- PPP Loan Forgiveness Application Revised
Archives
- February 2021
- January 2021
- December 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
Contact Us
(212) 451-2300
info@olshanlaw.com
www.olshanlaw.com
PPP LOAN UPDATE: Extension of Safe Harbor Repayment Date to May 18
Following up on the certification relief announced May 14 in Q&A-46, the SBA issued new Q&A-47, extending the safe harbor repayment date for a PPP loan from May 14 to May 18 for a borrower that determines that it can no longer certify that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations.” While welcome, this extension does not add much on the certification issue, because a borrower can obtain the same protection afforded under the safe harbor (as announced in Q&A-31 and Q&A-43) by taking advantage of the certification relief announced in Q&A-46 (which allows a borrower to repay a PPP loan upon notification from the SBA in the event of a certification failure after SBA loan review).
While not entirely clear, it also appears that Q&A-47 also extended the repayment date from May 14 to May 18 under Q&A-45 for a borrower wanting to repay a PPP loan and instead take advantage of the employee retention tax credit.
Olshan lawyers from multiple practice groups are working together with clients to address COVID‑19-related matters, including the CARES Act stimulus programs (i.e., the PPP and EIDL) and other corporate matters, including contractual analysis and financing, tax, restructuring, employee benefits and employment practices, insurance coverage, and litigation. Click here to access additional materials addressing issues raised by COVID‑19.
Please contact the Olshan attorney with whom you regularly work or one of the attorneys listed above if you would like to discuss this post or have questions about its content.