By update to their Frequently Asked Questions, on May 14, 2020, the US Treasury added a new question 47, which extended the “safe harbor” repayment date for PPP loans from May 14 until May 18, 2020.
For the entire set of FAQs – see https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
Duane Morris has created a COVID-19 Strategy Team to help organizations plan, respond to and address this fast-moving situation. Contact your Duane Morris attorney for more information. Prior Alerts on the topic are available on the team’s webpage.
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If you have any questions about this post, please contact Brad A. Molotsky, Nanette Heide, Sandra Stoneman or the attorney in the firm with whom you are regularly in contact.
Be well and stay safe!