Tax Monitor

PPP FAQ 47 added to 5/13/2020 update

May 14, 2020

By: Mark A. Mangano

The PPP safe harbor term for “necessary” certification is extended to May 18, 2020.

Late on May 13, 2020, the Treasury updated its Frequently Asked Questions (FAQ) to add Question 47. It provides that the SBA will be revising the interim final rule providing for the safe harbor for repayment of PPP loans. The revision will extend the repayment deadline from May 14 to May 18 to provide borrowers with time to assess their certification regarding the necessity of their PPP loan request.