The Small Business Administration (“SBA”) issued an update to its “Frequently Asked Questions for Lenders and Borrowers for the Paycheck Protection Program,” adding question #46 and the response, which is recited below.  For PPP loans of less than $2 million, the borrower will be “deemed to have made the required certification concerning the necessity of

Keenly aware of the enormous impact COVID-19 is having on small businesses throughout the country, in response, the Congress approved and on March 27, 2020, the President signed the “Coronavirus Aid, Relief, and Economic Security Act” (the “CARES Act”).  The CARES Act is intended, in part, to provide small businesses some much needed