The U.S. Small Business Administration (SBA) has extended the safe-harbor period for returning Paycheck Protection Program (PPP) funds by one week to May 14.
For purposes of the PPP’s 500-or-fewer-employee size standard, an applicant must count all its employees and the employees of its U.S. and foreign affiliates, absent a waiver of or an exception to the SBA’s affiliation rules.
The SBA said this procedure also applies to entities seeking to qualify for PPP funds as a “small business concern” under Section 3 of the Small Business Act on the basis of the employee-based size standard. Learn more.