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Sandusky, Ohio Office
422 West Market Street
Sandusky, OH 44870
419-625-4942
866-293-2727
FAX: 419-625-7120
MAP

 

Norwalk, Ohio Office
257 Benedict Avenue, Building D
Norwalk, OH 44857
419-668-2552
800-860-0152
FAX: 419-663-3637
MAP

 

 

Monday–Friday: 8 am – 5 pm
   
Fridays from May 1 through
Labor Day we close at noon.

Fridays from September 11 through October 31 we close at 3 pm

 

 

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CPAs Net

SBA Grants Safe Harbor to Borrowers with PPP Loans Less than $2 Million 

  
May 15, 2020
Payne, Nickles & Company

In an update to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) FAQs, the SBA and Treasury have announced that borrowers with an original principal amount less than $2 million “will be deemed to have made the required certification concerning the necessity of the loan request in good faith.”

Released just ahead of the May 14 repayment deadline, the SBA indicated in FAQ #46 that this safe harbor was introduced because borrowers who requested less than $2 million were less likely to have access to alternative funding options. The access to other capital was the sticking point in FAQ #31, which requested businesses that could not certify in good faith their need for funds to repay them by May 14. 

Borrowers with a principal amount greater than $2 million can still meet the good faith certification. Still, the SBA continues to emphasize that they will be reviewing those larger loan applications for compliance with program requirements. 

Contact us for assistance with your PPP loan obligations.
 

 
419-625-4942             419-668-2552
Sandusky                             Norwalk

 


Treasury Circular 230 Disclosure

Unless expressly stated otherwise, any federal tax advice contained in this communication is not intended or written to be used, and cannot be used or relied upon, for the purpose of avoiding penalties under the Internal Revenue Code, or for promoting, marketing, or recommending any transaction or matter addressed herein.