Today, May 14, is the deadline for businesses to return PPP funds if they did not comply with SBA guidance. As there is still much confusion, the SBA has provided an additional safe harbor for PPP Loans below $2 Million.
All completed certifications for loans below $2 Million will be presumed to have been made in good faith and will not be audited. Additionally, if the SBA audits loans above $2 Million and determines that a business was not eligible for the funds, the business will be able to return the funds at that time. For additional information, see the Journal of Accountancy's latest update on these loans.
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