Many Paycheck Protection Program (PPP) borrowers face difficulty when navigating all of the rules to comply with the loans, including the requirement that borrowers revisit their loan application certification that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
To help borrowers figure out this issue and other requirements, small businesses received additional PPP guidance from the U.S. Small Business Administration (SBA). The SBA guidance came in the form of an updated “Frequently Asked Questions (FAQ)” document, dated May 13, which can be found in its entirety here.
For more information:
- Please click here to read the complete text of the CARES Act.
- Please click here to read the complete text of the PPP Enhancement Act.
- Please click here to read GlobalTranz’s summary of the CARES Act.