In the latest PPP FAQs as of May 3, 2020, questions 31, 37, and 39 emphasize that all borrowers must certify in good faith that their PPP loan is necessary to support ongoing operations, and that any borrower that applied for a PPP loan prior to the issuance of such guidance (originally published April 23, 2020) may repay the loan in full by May 7, 2020 and be deemed by the SBA to have made the required certification in good faith. In order to ensure that PPP loans are limited to eligible borrowers in need, the SBA will review all loans in excess of $2 million, in addition to other loans as appropriate.

We are continuing to monitor information coming from the SBA and Treasury concerning any new guidelines and/or clarifications and will continue to communicate this information to you.  If you have any questions, please email our PPP group at or contact your JMF accountant.