Today the SBA provided some clarity regarding PPP loans and the good faith certification requirement for this loan program. The SBA stated that any borrower, together with its affiliates, that 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.

Borrowers with loans greater than $2 million that do not satisfy this safe harbor may still have an adequate basis for making the required good faith certification, based on their individual circumstances in light of the certification and SBA guidance.

If you have questions or would like to further discuss, please call Perry Barnett, CPA, at (770) 287-7800 or email pbarnett@rushtonandcompany.com.