COVID-19 Update: Beaird Harris has shifted a significant number of our team members to work remotely.
We continue to serve and care for our clients, just as we always have, and are available by phone, video or email.

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! 

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