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.
