COVID-19 Update: Beginning May 18, we will begin cautiously reopening Beaird Harris. Read More.
If you have any questions, please reach out to your primary Beaird Harris contact or call (972) 503-1040.

Beaird Harris will be closed on Friday, July 3rd in observance of the Independence Day holiday.

Breaking News: PPP Good-Faith Certification Clarified

May 13, 2020

The Treasury and SBA have released guidance regarding the PPP loan good-faith certification via FAQ #46, and provided a safe harbor for small businesses borrowing less than $2 million. The safe harbor language in FAQ #46 is as follows:

Any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.”

The SBA has recognized that borrowers with loans under the $2 million threshold are generally less likely to have had access to adequate sources of liquidity.

The SBA reiterated that it will continue to audit borrowers with loans greater than $2 million, though FAQ #46 recognizes that “borrowers with loans greater than $2 million…may still have an adequate basis for making the required good-faith certification, based on their individual circumstances…”

Any determination by the SBA that a borrower lacked an adequate basis for the required “need” certification will result in a repayment request and lender notification that the borrower is not eligible for forgiveness. No additional enforcement remedies will be pursued for borrowers who repay their loan following a repayment request.

This is welcomed guidance for the small business community who were anxiously awaiting clarification.  As always, don’t hesitate to reach out to us with your questions. We are here to help! 

Return to COVID-19 Response & Resources

No Professional Advice, Client Relationship, or Reliance on Information

Please note that any information or content on our Website, or any forms or tools on our Website which allow you to submit information or make calculations, and your use thereof, are not intended to provide any kind of professional advice, consultation or service, including but not limited to, legal, accounting, tax, or business advice. Nor does any such information, content, forms, or tools, or your use thereof or reliance thereon, create or constitute an attorney/client, accountant/client, or consultant/client relationship. You should therefore not use our Website or reliance on any information, content, forms, or tools on our Website as a substitute for any kind of professional advice. Rather, you should consult with a licensed professional, including one employed by our Company, for any accounting or tax questions you may have. You agree that we will not be liable to you or to any third party to the extent you treat or consider any information, content, forms, or tools on our Website as constituting any kind of professional advice. The information and content, including but not limited to forms and tools, presented on or made available through our Website are made available solely for general information purposes. We, therefore, do not warrant the accuracy, completeness or usefulness of any such information, content, forms, or tools, and any reliance you place on the same is strictly at your own risk.  We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to our Website, or by anyone who may be informed of any of its content.

Our Website provides illustrative lists of services that we provide. Nothing contained on our Website shall be construed as an offer or guarantee to provide any particular services to you, nor shall anything on our Website be construed as a direct solicitation for employment by any persons, companies, or organizations. Prior results we have obtained for others do not guarantee a similar outcome.