PPP Loan Repayment Safe Harbor Deadline Extended to May 18, 2020

May 13, 2020 | COVID-19 Legal Update

Earlier today, we sent you an update on the recent PPP loan certification guidance.  This evening, the Small Business Administration (“SBA”) issued FAQ #47, which extends the PPP loan repayment safe harbor date to May 18, 2020.  The extension is automatic and you do not need to apply for it.  The SBA stated that the extension was made “to give borrowers an opportunity to review and consider FAQ #46.”

The COVID-19 pandemic and response is an evolving situation. All levels of government are engaged in the process of preparing new legislation, regulations and orders both to stem the spread of the virus and to provide relief to employers and employees.   We will continue to monitor the situation and provide updates as applicable, especially as such updates affect healthcare providers and their practices.

For more updates on this topic and other legal updates related to the COVID-19 pandemic, please visit our COVID-19 Legal Resource Page by clicking here.