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<p class="MsoNormal"><span style="font-family:"Comic Sans MS"">Hello Gotham members; just received this from ASA (American Staffing Association). It may be of help to many of you. Stay well everyone; all my best, Amparo
</span><span style="font-family:Wingdings">J</span><span style="font-family:"Comic Sans MS""><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Comic Sans MS""><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> American Staffing Association [mailto:asa@americanstaffing.net]
<br>
<b>Sent:</b> Wednesday, May 13, 2020 4:24 PM<br>
<b>To:</b> Amparo Connors<br>
<b>Subject:</b> Issue Alert: New FAQ on PPP Loan Certification<o:p></o:p></span></p>
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<span style="font-size:7.5pt;font-family:"Arial","sans-serif";color:white">New Guidance Provides Safe Harbor for Loans Less Than $2 Million</span><span style="font-size:7.5pt;font-family:"Arial","sans-serif";color:#515151"><o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height:18.0pt"><b><span style="font-size:12.0pt;font-family:"Arial","sans-serif";color:#333333">ASA ISSUE ALERT</span></b><span style="font-size:12.0pt;font-family:"Arial","sans-serif";color:black"><o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height:28.15pt"><b><span style="font-size:19.0pt;font-family:"Arial","sans-serif";color:#333333">SBA Issues New FAQ on PPP Loan Certification</span></b><span style="font-size:19.0pt;font-family:"Arial","sans-serif";color:#333333"><o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height:22.5pt"><i><span style="font-size:15.0pt;font-family:"Arial","sans-serif";color:#333333">Provides Safe Harbor for Loans Less Than $2 Million; Outlines Enforcement Policy Regarding Larger Loans</span></i><span style="font-size:15.0pt;font-family:"Arial","sans-serif";color:#333333"><o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height:18.0pt"><span style="font-size:12.0pt;font-family:"Arial","sans-serif";color:black">The U.S. Small Business Administration
<a href="http://AmericanStaff.informz.net/z/cjUucD9taT03OTI5NzE3JnA9MSZ1PTc4MzQ1MDMyMCZsaT02NTUyNTA4NQ/index.html" target="_blank">
<b><span style="color:#025D7E;text-decoration:none">issued new guidance</span></b></a> today regarding borrowers’ good-faith certification concerning the necessity of their loan request under the Paycheck Protection Program.<o:p></o:p></span></p>
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<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:18.0pt"><span style="font-size:12.0pt;font-family:"Arial","sans-serif";color:black">The new guidance, in answer to Frequently Asked Question 46, states that
<b>any borrower that received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification in good faith</b>. SBA said that this safe harbor is appropriate because borrowers with loans below this
threshold are generally less likely to have had access to adequate sources of liquidity in the current economic environment than borrowers that obtained larger loans, and the safe harbor will promote economic certainty as PPP borrowers with more limited resources
endeavor to retain and rehire employees.<o:p></o:p></span></p>
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<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:18.0pt"><span style="font-size:12.0pt;font-family:"Arial","sans-serif";color:black">SBA noted that<b> borrowers with loans greater than $2 million may have an adequate basis for making the required good-faith certification
based on their individual circumstances</b>. SBA previously stated that all PPP loans in excess of $2 million, and other PPP loans as appropriate, will be subject to review by SBA for compliance with program requirements. In the FAQ, the agency noted that
if it determines that a borrower lacked an adequate basis for the required certification, SBA will seek repayment of the outstanding PPP loan balance and will inform the lender that the borrower is not eligible for loan forgiveness. If the borrower repays
the loan after receiving notification from SBA, the agency will not pursue administrative enforcement or referrals to other agencies with respect to the certification.<o:p></o:p></span></p>
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<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:18.0pt"><span style="font-size:12.0pt;font-family:"Arial","sans-serif";color:black">ASA will keep members apprised of further developments.<o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:16.0pt;font-family:"Comic Sans MS";color:#1F497D">Amparo M .Connors, President<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><i><span style="font-size:16.0pt;font-family:"Comic Sans MS";color:#1F497D">Allied Personnel Services, Inc.,
</span></i></b><b><i><span style="font-size:16.0pt;font-family:"Comic Sans MS";color:#366641">Green Staff NY<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="font-size:16.0pt;font-family:"Comic Sans MS";color:red">Chair Gotham Towers<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Comic Sans MS";color:#1F497D">NY City & State<b> Certified M/WBE<o:p></o:p></b></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Comic Sans MS";color:#1F497D">718.261.7979 ~ 212.451.0235<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Comic Sans MS";color:#1F497D"><a href="mailto:amparo@alliedpersonnel.com"><span style="color:blue">amparo@alliedpersonnel.com</span></a></span><span style="font-size:14.0pt;font-family:"Century","serif";color:#1F497D">
</span><span style="font-size:14.0pt;font-family:"Comic Sans MS";color:#1F497D"><a href="http://www.alliedpersonnel.com/"><span style="color:blue">www.alliedpersonnel.com</span></a></span><span style="font-size:14.0pt;font-family:"Century","serif";color:#1F497D"><o:p></o:p></span></p>
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