PPP Safe Harbor Deadline Extended
Aronson Consulting – On May 5, 2020, the Small Business Administration (SBA) extended the safe harbor deadline for returning Paycheck Protection Program (PPP) funds. The SBA has been issuing incremental PPP guidance in the form of answers to frequently asked questions. On April 23, 2020, in its FAQ #31, SBA established a May 7, 2020 deadline for borrowers to return PPP loan proceeds if, based on SBA guidance, they deemed it necessary to do so. On May 5, 2020 in its FAQ #43, SBA extended this deadline to May 14, 2020, affording borrowers additional time to digest the evolving PPP guidance.
