U.S. Treasury Extends Safe Harbor to Return Funds Wrongly Issued Under the Paycheck Protection Program

Client Alert
May 6, 2020

On May 5, 2020, the U.S. Treasury extended the safe harbor from May 7, 2020 to May 14, 2020 for businesses to return funds wrongly received under the Paycheck Protection Program. In addition, the newly released guidance provides that the Small Business Administration (SBA) will issue additional guidance prior to May 14, 2020 on how the SBA will review the good faith certification on the application form that "[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant."

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Please know that Sullivan is focusing substantial efforts to provide assistance to businesses and individuals affected by COVID-19 and benefited by the CARES Act. If you have questions about how to move forward and navigate the novel legal issues raised by COVID-19 and/or the CARES Act, please contact your primary Sullivan attorney or send a message to CARES@sullivanlaw.com.

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