Repayment Extension Granted by the SBA

Question: FAQ #31 reminded borrowers to review carefully the required certification on the Borrower Application Form that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA guidance and regulations provide that any borrower who applied for a PPP loan prior to April 24, 2020 and repays the…

U.S. Small Business Administration (SBA) offering disaster assistance in response to COVID-19 

The Coronavirus Preparedness and Response Supplemental Appropriations Act (the Act) that passed on March 6, 2020 allows small businesses that have suffered substantial economic injury as a result of COVID-19 to apply for low-interest federal disaster loans through SBA. Small businesses and nonprofits can apply for working capital loans of up to $2 million.  The following are key details of the Act as…