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Firms That Took a PPP Loan Under $2 Million Get ‘Safe Harbor’ Break

Firms That Took a PPP Loan Under $2 Million Get ‘Safe Harbor’ Break
Rich's Barber Shop in Waukesha, Wis. on May 14, 2020. AP Photo/Morry Gash
Tom Ozimek
Tom Ozimek
Reporter
5/15/2020|Updated: 5/15/2020

The Trump administration said firms that took loans of less than $2 million under the COVID-19 small business relief program can count on a break in the form of not having to prove to auditors that the pandemic had a negative impact on their business.

New guidance issued Wednesday (pdf) for the Paycheck Protection Program (PPP) by the Small Business Administration (SBA) and the Treasury Department said all loans granted under the $2 million threshold will be seen as having met the “good faith” standard, namely that “current economic uncertainty” justifies their need for the loan because they’re less likely to have access to other resources.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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