SBA Extends PPP Repayment Date

May 14, 2020

The Treasury Department and the SBA released FAQ #47 extending the time to repay a PPP loan from May 14, 2020 to May 18, 2020. Borrowers with loan amounts in excess of $2 million and who repay PPP loans in full by May 18 will be deemed by SBA to have made the required certification concerning the necessity of the loan request in good faith. The stated purpose of the extension is to give borrowers an opportunity to review and consider FAQ #46. Additional information on FAQ #46 can be found here.

Marks Paneth will continue to monitor developments and will provide updates as they become available. Contact your Marks Paneth advisor if you need additional information or assistance or email responseteam@markspaneth.com.     

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