CARES Act: SBA Provides Guidance on its Review of Borrowers' Certification Concerning Need for PPP Loan | Practical Law
The Small Business Administration (SBA) updated the Frequently Asked Questions (FAQs) for the Paycheck Protection Program (PPP) to provide guidance on how the SBA will review borrowers’ required good-faith certification concerning the necessity of their PPP loan request. A safe harbor was provided for PPP loans below $2 million and a remedial process was provided for PPP loans above that amount that are not able to make the required certification in good faith.