Paycheck Protection Program borrowers get more flexibility

New Bill Eases Restrictions On Federal Small Business Emergency Loans

South Dakota Scores Big Numbers in the Paycheck Protection Plan

Almost 55,000 OR businesses have already signed up, Brown said, obtaining more than $7 billion in loans through the PPP thus far.

The key buzzword this week was "safe harbor".

"Given the large volume of PPP loans, this approach will enable SBA to conserve its finite audit resources and focus its reviews on larger loans, where the compliance effort may yield higher returns", the agency said in the FAQ. Also, because firms would spend less time on re-hiring workers and re-booting their businesses once stay-at-home orders are lifted, the policy would support a robust economic rebound.

New Bill Eases Restrictions On Federal Small Business Emergency Loans

Any company that returns the cash in full by Thursday will have been determined to have made the required certification in good faith.

Last month, after a backlash after large firms swooped in and collected millions from the PPP - which was meant to cast a lifeline to small firms that didn't have access to capital markets -Treasury Secretary Steven Mnuchin said that firms could face criminal charges for taking loans they didn't need.

Borrowers said they needed the guidance because they didn't want to face repaying a loan they couldn't afford.

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There was a lot of backlash after people learned of large companies qualifying for PPP loans, which led the Small Business Administration to warn businesses they should not be applying if they don't need it.

Nationally, more than 4.2 million loans, totaling $530 billion have been approved with an average loan size of more than $126,000. This is basically for borrowers of above $2 million, or smaller borrowers who have concerns about their applications other than the aforementioned "necessity" criteria. Only about 1,500 businesses in the report have asked for loan amounts over $5 million. SBA officials said last week that applications for the second round of loans have been much slower.

FAQ Question #46 speaks to PPP loans in an original principal amount of less than $2 million and greater than $2 million but fails to address loans of exactly $2 million.

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Other provisions of the PPP Flexibility Act include allowing loan forgiveness to cover expenses incurred past the initial eight-week period after funds are acquired and eliminate the loans' current two-year limit, as recovery is expected to last far longer. This alert is being issued as of May 14, 2020.

"We worked with the administration alongside a broad coalition of religious organizations to seek this clarity, and we're thankful that faith-based participants can move forward with confidence, serving the spiritual needs of their communities and the most vulnerable among us".

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