SBA Extends Loan Repayment Safe Harbor Date, Provides Additional Guidance on Employees of Foreign Affiliates

On May 6, 2020, the Small Business Administration (“SBA”) issued updates to the Frequently Asked Questions document (“FAQs”), originally published on April 2, 2020 and updated regularly thereafter, extending the date for the PPP Certification of Necessity Safe Harbor and clarifying how employees of foreign affiliates are counted. The PPP is a small business loan program established pursuant to Title I of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act signed by President Trump on March 27, 2020,1 and supplemented by the Paycheck Protection Program and Health Care Enhancement Act (the “PPP/HCE Act”), which provided additional funding for the program.

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