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Should a PPP application be refiled to account for changes made by SBA guidance?

Posted by Bonita Hatchett-Bodle

Apr 20, 2020 3:20:12 PM

The Small Business Administration (SBA) recognizes that several individuals applied for Paycheck Protection Program (PPP) loans on April 3, 2020, the date the program opened and prior to the SBA’s issuance of interim final regulations and the FAQs. Notwithstanding all of the clarifications that have been made after the program opened, the SBA indicated that borrowers do not need to take any action based upon the updated guidance. Instead, borrowers and lenders may rely on the laws, rules, and guidance available at the time of the relevant application. However, previously submitted loan applications that have not yet been processed may be revised based upon the clarifications in the FAQs.

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Topics: Paycheck Protection Program, application process

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