PPP Rule Update

The U.S Treasury Department issued new rules regarding the Paycheck Protection Program (PPP.) As of May 8, 2020, any borrower that applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have done so in good faith. This allows borrowers that may have taken a PPP loan based on misunderstanding or misapplication to return the loan in full without facing penalty from the SBA.