On May 13th, the SBA released a new interim final rule on loan increases. This new issue informs lenders they can increase existing Paycheck Protection Program (PPP) loans to partnerships and seasonal employers, an update to the previous rulings that were issued on April 14 and April 28.
In addition, the SBA updated their FAQ guidance document with the inclusion of Question 47, which extends the safe harbor repayment deadline from May 14 to May 18 to give borrowers an opportunity to review and consider Question 46 which was published earlier in the day on May 13. Borrowers do not need to apply for this extension as it will be promptly implemented through a revision to the SBA’s interim final rule providing the safe harbor.
We are continuing to monitor the evolving impact so please remember that we are here to help. If you have questions or concerns, please continue to reach out to us by phone or by email. You may also visit our COVID-19 resources page for continued updates.