CARES Act: SBA Provides Guidance on its Review of Borrowers' Certification Concerning Need for PPP Loan | Practical Law
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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.