Apple Growth Partners

BREAKING: SBA Releases Clarification Regarding Certification

BREAKING: SBA Releases Clarification Regarding the Certification 

Wednesday, May 13, 2020

SBA just released FAQ #46, which is the expected guidance regarding the certification.

  • Any borrower, including affiliates, that received PPP loans of less than $2 million will be deemed to have made the required certification in good faith.
  • Borrowers with loans greater than $2 million may still have an adequate basis for making the required good-faith certification, based on individual circumstances.
    • If SBA determines in the course of review that the borrower lacks an adequate basis for the required certification, SBA will seek repayment of the PPP loan balance and notify the bank that the borrower is not eligible for loan forgiveness.
      • If borrower repays, SBA will not pursue administrative enforcement.

In addition to the critical FAQ #46 update, a few announcements:

  • The Ohio Department of Job and Family Services announced a Pandemic Unemployment Assistance (PUA) application for those unemployed due to COVID-19, but do not qualify for traditional unemployment benefits. Visit ODJFS to learn more
  • Today, May 13, 2020, is the last day for individuals waiting on stimulus money to enter their direct deposit information on the IRS site.

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