Brief Update on the Paycheck Protection Program (“PPP”)

In our May 6, 2020 blog post on the CARES Act, we mentioned that a PPP borrower may repay a PPP loan and become eligible for the Employee Retention Tax Credit as long as such PPP loan was repaid by May 7, 2020. Today, the SBA updated the SBA CARES Act FAQs to confirm that such a deadline for repayment had been postponed to May 14, 2020.

Throughout the COVID-19 crisis, Sherin and Lodgen’s Hospitality Practice Group will continue to monitor the PPP and other new laws and regulations of interest to the hospitality industry and provide updates as frequently as possible.