On May 5, 2020, the U.S. Treasury Department extended the deadline to repay PPP loans from May 7 to May 14 with the addition of FAQ #43. As advised in our previous communication, please consider your options if you are not confident that you can complete the certification in good faith. The SBA will be providing further guidance prior to May 14, 2020 and we will provide information as soon as it becomes available.
In addition, FAQ #44 now clarifies the affiliation rule when considering the PPP’s 500 or fewer employee size standard, when calculating the number of employees, as it is necessary to include employees of affiliate companies, domestic and overseas.
Click here for the complete list of FAQ’s and please contact us with any questions or concerns.