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.
- 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.
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.
Apple Growth Partners’ published material provides general coverage of its subject area and is presented to the reader for educational purposes based on the most current regulatory information available at the time it was written. All communications, whether written or oral should be reaffirmed prior to the submission of any application. All information in this published material and on our website is provided in good faith; however, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, compliance with any law (federal, state or local) or professional standard or completeness of any information. We assume no responsibility to any recipient of this material to correct or update its contents for any reason, including changes in any law or professional standard. It is not intended to be audit, tax, accounting, advisory, consulting or investment advice. The information in this article is also not a substitute for legal advice and may not be suitable in a particular situation. Consult your attorney for legal advice.
Our articles, other published materials and website occasionally contain links to other web pages. Links to organizations and government agencies are provided as a convenience to our readers. The firm does not endorse and is not responsible for any third-party content that may be accessed from its website and does not recommend or endorse the use of any third-party’s services. The links are to be accessed at the user’s own risk, and the authors of this website make no representations or warranties about the content of these links.