PPP FAQ Update-Good Faith loan amount

Sorry if this is a duplicate post.

I wanted to make aware that the SBA and the Treasury Department updated their FAQ list yesterday to include “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?

If I’m interpreting this correctly, the SBA has determined that if you asked for a loan amount smaller than $2 million, it will be considered in “good faith,” and will not be subject to be paid back or an audit.

I’ve attached a pdf with the FAQs on it. See #46 for this specific subject.

Paycheck-Protection-Program-Frequently-Asked-Questions.pdf (126.4 KB)

This applies only to the necessity of the loan.

This does not mean that if the PPP amount is less than $2mm, you will not be audited for other compliance issues