MPL General Counsel Corner – A Collective Sigh of “PPP Good Faith Certification” Relief
The Treasury Dept. released an updated PPP FAQ with Question #46 added. Essentially, if you borrowed less than $2M, you are deemed to have met the Good Faith Certification on the need for the loan. For those who received >$2M, they are still subject to SBA review on a case by case basis. Importantly, if you are in the >$2M spectrum and there is a determination that you did not meet the good faith standard, then you can pay the funds back without any further enforcement action or referral to other agencies.
This is good news for those that were nervous about receiving the PPP funds. We can all breath a collective sigh of “PPP Good Faith Certification” relief.
Now, it is on to the PPP Forgiveness clarifications. Let’s hope that comes out soon.
Here are some other things that may be important or relevant for you:
- COVID-19 REGULATORY AND LEGISLATIVE ACTIVITY TRACKER – The National Council on Compensation Insurance has a great resource highlighting key Covid-19 legislation and regulation activity on a State by State basis.
- Updates on State Re-openings
- NJ to Reopen nonessential stores for curbside pickup, allow construction as coronavirus outbreak slows. (This story was shared by Tedd Kochman from Littler).
- Rural Areas Reopen Around U.S. Cities Still Stuck on Lockdown.
- More Fund Usage Flexibility for Small Business PPP Recipients on the Horizon? Secretary Mnuchin is open to it.
- Upcoming Webinars and Helpful Resources
- RKL Weekly Webinar Series (Friday, 5/15 @ 11am)
- Designing the Pivot and Staying Mentally Tough (5/14 @ 11am) – This may be a good webinar for those of you “working on” your business (presented by Inc.com)
- US Chamber of Commerce
- Stambaugh Ness Town Hall (Tuesdays 2-4pm)