PPP Certification Info – Wednesday, May 13, 2020 3:00PM

We’re watching anxiously for new PPP or EIDL guidance and check it daily.  Our patience has paid off with a tiny drizzle of information today. 

PPP applications require that borrowers certify in good faith that the PPP loan is necessary to support ongoing business operations. There has been some concern about this certification process, which was only recently implemented, regarding how you would prove that the PPP loan was necessary for your practice.  The SBA has now determined that all loans with principal amounts less than $2 million will be deemed necessary for ongoing business operations, therefore meeting the good faith certification automatically. 😊  Full FAQ below.