Coronavirus Update: SBA Extends “Safe Harbor” for Return of PPP Loans, Promises Further Guidance on the Economic Need Certification, and Creates Further Confusion Related to Its 500 Employee Standard

Crowell & Moring – On May 5, 2020—a mere two days before the close of the “safe harbor” period established by the Small Business Administration (SBA) for borrowers to return Paycheck Protection Program (PPP) loans if recipients did not believe they could make the economic need certification in good faith—Treasury and the SBA have updated their FAQ document with key changes.