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Breaking News: SBA Extends PPP Safe Harbor Repayment Deadline to May 14: Promises Additional Guidance on Certification Review

The SBA just issued a brand new FAQ, #43, which grants an automatic 1-week extension to the PPP loan repayment safe harbor until May 14. Borrowers do not need to formally request the extension. The SBA will implement it through a revision to the Interim Final Rule which created the safe harbor.

Most notably, the SBA now intends to provide additional guidance on how they will review the required certification in advance of the new deadline. Borrowers are required to certify that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” Borrowers have been clamoring for more clarity from the SBA on the high stakes decision of whether to keep their PPP money or return it.

For additional details, see our May 5th article, Limited Safe Harbor Deadline Looms: Did I Misunderstand or Misapply the PPP Borrower Certification?

© 2023 Davis|Kuelthau, s.c. All Rights ReservedNational Law Review, Volume X, Number 126
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About this Author

Lawrence Glusman Real Estate Attorney Davis Kuelthau
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Larry’s practice focuses on commercial lending, real estate and business transactions. It also includes creditors’ rights in litigation, foreclosure and various insolvency proceedings. For more than 20 years, Larry has represented Milwaukee Economic Development Corporation (MEDC), a trailblazing non-profit lender which invests in the Milwaukee business community. He has documented and closed hundreds of MEDC loans to a wide array of local businesses, helping them achieve their business goals.

Larry also represents established and start-up businesses with real estate and asset...

414.225.1488
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