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SBA Extends Repayment Deadline Until May 18, 2020

Posted by Jonathan Ciccotelli on May 14, 2020 2:27:28 PM

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Earlier today, the SBA and Treasury updated their FAQ’s to extend the due date for repayment of funds to give borrowers an opportunity to review and consider yesterday’s updated FAQ’s. 

Under question 47, the Treasury sates that the “SBA is extending the repayment date for this safe harbor to May 18, 2020, to give borrowers an opportunity to review and consider FAQ #46. Borrowers do not need to apply for this extension. This extension will be promptly implemented through a revision to the SBA’s interim final rule providing the safe harbor.”

This guidance provides taxpayer’s additional time to consider the impact of yesterday’s guidance regarding companies with loans under $2 million being deemed to have made the required certification concerning the necessity of the loan request being in good faith.   

If you would like to discuss further, please contact us.  We will continue to generate updates as more information becomes available. 

Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

Jonathan Ciccotelli

Jonathan Ciccotelli

Jonathan Ciccotelli is the Partner-In-Charge of Meaden & Moore’s Tax Services Group. For over 29 years, Jonathan has worked closely with private and public companies in manufacturing, transportation, distribution, construction, and retail under a variety of business structures, including S-corporations, C-corporations, consolidated groups, and limited liability companies. He enjoys running, cycling, and cheering on his kids at sporting events.