The Small Business Administration, with the Department of the Treasury, issued new guidance late Wednesday, May 13 extending the safe harbor deadline Thursday, May 14 to Monday, May 18. This is the date by which a borrower may return its loan funds and be deemed compliant with the PPP good-faith certification.
For any faith-based organization whose aggregate PPP loan is less than $2 million, this guidance provides more clarification relating to the good-faith certification.
There is no need to submit a new application as the extension is automatic.
Read more in the FAQ’s here.