Within the last 30 minutes, the SBA just added Item #46 to its PPP FAQ, indicating that, "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."
We believe that PPP FAQ #46 provides clear guidance for any clients with loans of under $2,000,000 in aggregate who were on the fence with the question of whether or not they needed to return their PPP loans due to uncertainty about whether the certifications they made in taking the loans were in good faith.
We look forward to further guidance from the SBA and Treasury this week re: changes to the PPP forgiveness rules and will share them as soon as they are available.
Please find the full text of the SBA's PPP FAQ here: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf