Last night the Small Business Administration (SBA) published FAQ #43, extending the PPP loan economic uncertainty repayment deadline from May 7 to May 14.
The SBA’s statement in FAQ #31 that borrowers must make the economic uncertainty certification in good faith — taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business — has caused uncertainty and concern for many companies who were granted PPP loans.
Notably in FAQ #43, the SBA said they intend to provide additional guidance before the new May 14 deadline on how they will review the economic uncertainty certification.
Click here to read our previous article on recommended steps to document the economic uncertainty.
If you need assistance applying for a PPP loan or understanding your eligibility, contact Wipfli. For further resources to help your business navigate the impact of COVID-19, visit our COVID-19 resource center.