GREAT NEWS for Small Businesses with PPP – FAQ 46 SAFE HARBOR EXPLAINED
Small business owners with a PPP have been concerned that they may need to return their precious and hard-won PPP loans after the publishing of rules meant to target large business owners. The SBA has clarified guidance with FAQ 46, and we are happy to see that this is calming fears of audit and additional scrutiny!
The FAQ provides safe harbor to small businesses with loans under $2M that they will be deemed to have made their request for the PPP loan in good faith.
FAQ 46 can be found here (Page 16): https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
FAQ 47 also extends the safe harbor date to May 18th.
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Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.