Clarification on PPP’s Certification of Economic Necessity Requirement for Loans under $2 Million
On May 13, 2020, the Treasury and the SBA issued a new FAQ #46 which provides an important safe harbor for borrowers that received Paycheck Protection Program (PPP) loans of less than $2 million. The CARES Act requires that borrowers certify that “the uncertainty of current economic conditions makes necessary the loan request to support …