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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.