Insights

MPL General Counsel Corner – A Collective Sigh of “PPP Good Faith Certification” Relief

May 13, 2020

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:

Please see all of our prior updates at the this link or if you would like to be added to our email list, please click here

As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com) or anyone in our office with questions or comments.  

Share:

Leave a Reply

Your email address will not be published. Required fields are marked *