PPP Loans Under 2 Million

The Paycheck Protection Program (PPP) loan requirement to “certify the necessity of their loan request” has become much easier for loans under $2 million. 

Per Small Business Administration (SBA), any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.

This safe harbor came one day before borrowers were required to return PPP loan proceeds if they could not meet the certification requirement for the necessity of the loan request.

Please view the Treasury Department’s Paycheck Protection Program Loans Frequently Asked Questions (FAQs) [here] for more information, or contact us at 401-831-0200.

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