May 7, 2020

COVID-19 Government Relations Daily Summary

There is one significant item included in this Daily Summary. 


U.S. Treasury Department
Paycheck Protection Program 

New Deadline of May 14 to Repay PPP Loans for SBA "Good Faith" Certification

The U.S. Treasury Department updated a list of FAQs concerning the Paycheck Protection Program (PPP) .  Specifically, Treasury updated FAQ #43 that provides the SBA is extending the repayment date for PPP loans to May 14, 2020, for "good faith" or safe harbor certification by the SBA.

Scrivener's Note:  There is a separate set of FAQs from the IRS concerning the employee retention credit and the credit's interaction with the PPP.   IRS FAQ #80, employers that received a loan under the PPP, but opt to repay the loan by the SBA's May 7, 2020 deadline may claim the employee retention credit after repaying the PPP loan.  It is uncertain as of this writing if Treasury's extension of the May 14th date for good faith or safe harbor certification will extend to the issue of employee retention credit.  ICPAS Government Relations is closely monitoring and will keep you informed of developments.

ICPAS GOVERNMENT RELATIONS DAILY SUMMARY LIBRARY AND COVID-19 EXECUTIVE ORDER SUMMARY