Safe Harbor Deadline extended to 5/14 – New Government Guidance Clarifies PPP Loan Eligibility, Promises Enforcement
May 06, 2020
Note: Safe Harbor Deadline extended to 5/14
More guidance has raised new issues and concerns. Given the criticisms that some large businesses with alternative access to capital received a CARES Act Paycheck Protection Program (“PPP”) loan they perhaps did not need, the U.S. Government has issued new (some may say tardy) guidance on who is eligible for a PPP loan – and what will happen if the U.S. Government later determines a PPP loan recipient was not small and/or had an insufficient financial need under the program.